Millions of homeowners and renters in New Jersey could be eligible to receive direct payments of up to $1750.00 USD, according to the ANCHOR program. This reimbursement payment serves as property tax relief for those who bought or rented their primary residence in 2019. Approximately 1.3 million residents in the state received these payments earlier this year.
Governor Phil Murphy expressed his excitement about the program, stating that not only will many seniors benefit significantly, but the process will also be much simpler for all residents. The Tax Division of the Department of the Treasury has started sending confirmation letters to recipients, which provide detailed information on how they will receive their benefits.
Recipients have the option to receive their payments via checks or direct deposits, depending on their election from last year. To ensure a smooth process, the mailing address and bank information in the confirmation letters must match the recipients’ current details. If there have been no changes in the past year, recipients will not need to reapply to receive their money this time.
For the 2020 tax year, the refund amount has increased from $450.00 USD to $1750.00 USD. However, the amount received will depend on the type of benefit and the individual’s circumstances. Homeowners with incomes of $150,000.00 USD or less and aged 64 or younger will receive $1,500.00 USD, while those aged 65 or older with the same income bracket will receive $1,750.00 USD.
Similarly, homeowners with incomes between $150,001.00 USD and $250,000.00 USD and aged 64 or younger will receive $1,000.00 USD. Homeowners in the same income range but aged 65 or older will receive $1,250.00 USD. Renters aged 64 and under can expect a payment of $450.00 USD, while those aged 65 and over will receive $700.00 USD.
It is crucial to note that these benefits will be distributed automatically before November 1, 2023. Individuals who meet the eligibility criteria and have not changed their personal information need not take any action to receive their payments.
This news brings relief and financial assistance to New Jersey residents, particularly during these challenging times. The ANCHOR program aims to support homeowners and renters, ensuring they receive the necessary tax relief for their primary residences.