Tax Tip #108
What Is The NJ ANCHOR Program?
The NJ Division of Taxation has replaced the Homestead Benefit Program with the new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program and instructions are being mailed out to eligible residents.
Homeowners with incomes up to $150,000 will receive $1,500 in relief; homeowners with in-comes more than $150,000 and not more than $250,000 will receive $1,000 in relief and renters with incomes up to $150,000 will receive $450 in relief.
To be eligible for this year’s benefit, homeowners and renters must have occupied their primary residence on October 1, 2019, and file or be exempt from NJ income taxes.
Payments will be issued in the form of checks or direct deposits and sent no later than May 2023 to allow time for application processing and validation. Payments will not be subject to federal or state income tax.
Eligible homeowners can apply online:
https://www1.state.nj.us/TYTR_Saver/jsp/common/HBWelcome.jsp
By phone (877-658-2972), or via paper application, which can be downloaded online and re-turned by mail. Renters can apply online or download the application from the Division of Taxation’s website and return by mail (no phone option for tenants).
The deadline for filing is December 30, 2022.
