ANCHOR Property Tax Benefit: When Is It Coming Next For NJ?

NEW JERSEY — When will the next state property tax rebate hit for New Jerseyans?

Sooner than later, according to the $56.6 billion state budget slated to be signed last month by Gov. Phil Murphy.

Included in the budget is the Affordable New Jersey Communities for Homeowners and Renters - otherwise known as the ANCHOR benefit - which will provide up to $1,500 for eligible homeowners and $450 to renters (plus an additional $250 for seniors) from a $2 billion funding pot.

More than 1.5 million renters and homeowners received ANCHOR tax refunds in 2023, the second year of the program. The payment amount increased that year for seniors — up to $1,750 for senior homeowners and $700 for renters, as laid out in the Fiscal Year 2024 budget. Those under 65 received between $450 and $1,500, state officials said.

The benefit rolled out to New Jerseyans via direct deposit on Oct. 12 of last year, though state officials said most eligible residents would receive the benefit by Nov. 1.

Those with eligibility accounted for from the Division of Taxation will be able to receive the benefit automatically. Those who need to apply will be mailed application packets; and those who need to edit information like marital status or address change must contact the state agency.

You can view the ANCHOR applications for homeowners and renters here.