Gov. Phil Murphy and State Treasurer Elizabeth Maher Muoio announced March 27 that the first batch of ANCHOR Property Tax Relief rebates will go out Tuesday to more than 800,000 New Jerseyans who chose to receive the payment via direct deposit.
The state says that paper checks will begin mailing during the first week of April.
The $2 billion ANCHOR program, which effectively expands on the former Homestead Benefit property tax relief program, was established in the Fiscal Year 2023 state budget. The governor’s recently proposed FY2024 budget calls for continuing to fund ANCHOR at its full $2 billion level.
According to Treasury, more than 1.7 million New Jersey residents applied for ANCHOR, including 1.25 million homeowners and over 514,000 renters.
Homeowners with incomes up to $150,000 will receive $1,500 in relief; homeowners with incomes over $150,000 and up to $250,000 will receive $1,000; and renters with incomes up to $150,000 will receive $450.
“At a time when families are facing increasing pressure on their wallets, it’s a good feeling to know we are following through on our promise to make New Jersey more affordable,” said Murphy in a press release. “This is real relief getting sent to more of our hardworking taxpayers than ever before.”
Muoio described ANCHOR as a “game-changer” for residents all throughout the Garden State.
“I’m so pleased that money is going back into the pockets of more New Jerseyans than ever before,” the treasurer said.
“We made property tax relief a top priority in our budget, and we delivered the largest property tax relief program in state history. The ANCHOR Program expanded eligibility to more families and increased the amount given to historic highs,” said Assembly Speaker Craig Coughlin, D-19th District.
“It is great to see the checks getting out the door and into the hands of hardworking residents. As many families struggle to make ends meet, the ANCHOR program will provide much needed assistance to both homeowners and renters,” said Senate President Nick Scutari, D-22nd District. “It is an important part of our ongoing commitment to making New Jersey more affordable and delivering meaningful property tax relief.”
Treasury expects the majority of payments to be issued before May 3, noting that some applications that need additional information could potentially take more time to finalize.
Residents with any questions, concerns, or discrepancies can get more information, such as application and payment status, here.l