Property Tax Rebate Letters Going Out In Madison

MADISON, NJ — Eligible Madison residents should check their mail, as ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) program instructions are arriving.

The NJ Division of Taxation mailers will begin arriving to tenants and homeowners in Morris County, which includes Madison, on Sept. 30 and the department has asked that residents not call about a missing mailer until at least two weeks after the expected delivery date for their county.

Mailers will reach all taxpayers by the first week of October, according to a notice on the state's ANCHOR webpage. The treasury staggered mailings in an effort to alleviate inundation on its call center, according to officials.

Taxpayers will be able to file online, through mail or via phone by Dec. 30.

It is no secret that New Jersey is an expensive place to live if you want to own a home, and Madison is no exception. Taxes and home values have steadily risen across the state over the last decade with Madison residents paying an average of $13,990 in 2021.

The state will pay rebates via check or direct deposit "no later than May 2023 to allow time for application processing and validation." The treasury also has limits on the number of checks it can issue each week.

Read More: NJ's $2B Property Tax Rebate Program Opens: How To Get Paid

The new tax relief program replaces the previous Homestead Rebate Benefit and increases both the benefit amount and the number of eligible applicants, according to officials.

To be eligible, homeowners must have:

• Been a New Jersey resident; and
• Owned and occupied a home in New Jersey that was their principal residence (main home) on October 1, 2019; and
• Paid the 2019 property taxes on their main home; and
• Had 2019 New Jersey gross income of not more than $250,000.

To be eligible, tenants must have:

• Been a New Jersey resident; and
• Rented and occupied an apartment or residence in New Jersey that was their principal residence (main home) on October 1, 2019; and
• Lived in a unit with its own separate kitchen and bath facilities (if the building had more than one dwelling unit); and
• Paid rent on their main home, which was subject to local property taxes; and
• Had 2019 New Jersey gross income of not more than $150,000.

Residents do not qualify if their home was completely exempt from paying property taxes or if they paid P.I.L.O.T. (Payments-in-Lieu-of-Tax).

“The ANCHOR program will deliver real, tangible property tax relief to both homeowners and renters, a historic step toward making New Jersey a more affordable state,” Governor Phil Murphy said.