Property tax relief payments in New Jersey can start hitting bank accounts as early as Oct. 1, but that's only going to happen if your information is up to date.
New Jersey plans to start rolling out ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) payments in early October to folks who've received such a payment in the past.
Letters to residents hit mailboxes in the middle of August, informing past recipients that automatic ANCHOR payments are coming soon -- as long as the recipient's name, address, and banking information hasn't changed.
These changes need to be reported by Sept. 15. You can go through the application process starting with this website.
If you miss the deadline, you could also miss the payment. If none of this information has changed, you're good to go.
The application deadline is later for folks who are newly eligible for an ANCHOR payment and those who have not previously applied.
Letters to these groups of residents began in late August, and the deadline for new filers in Nov. 30, about a month earlier than 2023's filing deadline.
This is the third year for New Jersey's ANCHOR program. Last year's ANCHOR benefits, which covered the 2020 tax year, totaled more than $2.1 billion. The payments were distributed to more than 1.8 million homeowners and renters.
This latest round covers the 2021 tax year. Folks who owned or rented a primary residence and brought in $250,000 or less for the year are eligible for ANCHOR benefits.
Homeowners who were under the age of 65 and brought in $150,000 or less in gross income should receive $1,500. The payment goes down to $1,000 for 64-and-younger homeowners that brought in between $150,001 and $250,000.
Homeowners who were at least 65 years old in 2021 are scheduled to receive $1,750, if their gross income was $150,000 or less. The payment is $1,250 for older residents who made between $150,001 and $250,000.
The majority of renters will receive $450. Renters that are at least 65 years old and earn $150,000 or less per year will receive an additional $250.
Anyone with questions can call the ANCHOR hotline at 609-826-4282 or 1-888-238-1233. In-person assistance is available at a Regional Information Center.