Next round of ANCHOR payments hitting in NJ

Matthew Fazelpoor//October 14, 2024//

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The New Jersey Department of the Treasury announced it is now dispersing ANCHOR property tax relief benefits to eligible New Jersey homeowners and renters.

As of Oct. 11, the state estimated that more than 1 million New Jerseyans would receive benefits in the first round of this year’s program. Now in its third season, ANCHOR payments arrive via direct deposit and mailed checks. Dispersed on a rolling basis until all eligible residents receive their benefit, payments can total up to $1,750.

Officials say the vast majority of this year’s first round benefits recipients previously received an ANCHOR benefit. These applications were among 1.5 million auto-filed this season, according to the state.

“I’m proud to deliver this important tax relief directly to New Jersey families, putting money back in the pockets of both homeowners and renters,” said Gov. Phil Murphy in an Oct. 11 press release. “The ANCHOR program makes tax relief convenient and accessible to families, part of our promise to make New Jersey stronger, fairer and more affordable.”

‘A reliable benefit’

The Treasury says most new applicants will receive their benefits within 90 days of applying – unless their application needs further information to verify.

The deadline to apply is Nov. 30, 2024.

The Treasury’s Division of Taxation estimates it has received about 225,000 new applications for this third season of the program. So far, ANCHOR has distributed more than $2.1 billion to more than 1.8 million homeowners and renters her in the Garden State.

Gov. Phil Murphy and Treasurer Elizabeth Maher Muoio announce that approximately 1.7 million New Jersey homeowners and renters applied for the first year of the state's ANCHOR property tax relief program at the New Milford Boro Hall in New Milford on March 1, 2023. — “I’m proud to deliver this important tax relief directly to New Jersey families, putting money back in the pockets of both homeowners and renters,” said Gov. Phil Murphy, shown in March 2023 making a previous announcement about the state’s ANCHOR property tax relief program. – PROVIDED BY OIT/OFFICE OF THE NJ GOVERNOR

“I’d like to thank the dedicated staff of our Division of Taxation for their efforts to make this program more convenient and accessible with each application season – from filing applications automatically for a majority of eligible taxpayers, to ensuring benefits are distributed in a timely manner,” said State Treasurer Elizabeth Maher Muoio.

“This program provides direct financial assistance for those who need it most,” said Senate President Nick Scutari, D-22nd District.

“In its third year, it has become a reliable benefit for residents with efficient outreach and distribution by Treasury,” said Assembly Speaker Craig Coughlin, D-19th District.

More information and status updates are available here.