TRENTON – Governor Phil Murphy and Treasurer Elizabeth Maher Muoio have confirmed that the initial round of ANCHOR Property Tax Relief payments for the tax year 2020 will commence tomorrow. Over 700,000 residents of New Jersey who opted for direct deposit will benefit from this phase.
Individuals who chose paper check payments can anticipate their benefits to be dispatched starting the upcoming week. By November 1st, almost all applicants who’ve submitted their requests will have received their benefits, with continuous payments to be processed as and when new eligible residents apply.
Governor Murphy expressed, “For years, property taxes have been a primary concern for New Jersey homeowners. We, along with our legislative partners, are enhancing affordability in New Jersey for millions of homes. I’m especially delighted to see the latest ANCHOR relief payments being expedited, a testament to the efficiencies of the Division of Taxation.”
Treasurer Muoio stated the ANCHOR program’s intent was to financially aid those impacted by rising costs, making New Jersey more conducive to living, working, and nurturing families.
Senate President Nick Scutari added, “The ANCHOR program symbolizes our dedication to alleviating the economic strain for the middle class and the working populace of our state.”
Assembly Speaker Craig Coughlin emphasized the state’s commitment to affordability, celebrating the success of the ANCHOR program, which, in its inaugural year, extended unprecedented property tax relief to numerous residents.
Initiated last year, the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program rejuvenated the previous Homestead Benefit property tax relief, introducing eligibility for renters and elevating the income criteria for homeowners. The program’s enhancement this fiscal year includes heightened payouts, especially for senior homeowners and renters aged 65 and above.
In the previous filing period, the program benefitted over 1.7 million renters and homeowners, granting payments between $450 and $1,500 for the 2019 tax year. The current cycle forecasts a surge in applicants, with senior payouts seeing an augmentation of $250, totaling between $700 and $1,750, while those below 65 will receive amounts spanning $450 to $1,500.
Residents can verify their ANCHOR benefit payment status via the Division of Taxation’s website. For those who haven’t yet applied, there’s still an opportunity to claim the ANCHOR tax rebate either online or through a paper application.
