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Informational Video: ANCHOR Benefit Program Deadline Extended

Financial Planning Taxes Videos

The ANCHOR benefit application deadline has now been extended to January 31, 2023. This video presentation, originally published on October 11, 2022, has relevant information regarding the New Jersey program, but with the original application deadline of December 30th.

View or listen to our video to learn more

Presented by Victoria Cannillo, Financial Analyst

Today we will be sharing timely information with you about the ANCHOR benefit program. In this presentation, we will provide information about qualifying and applying for this benefit, as well as what the deadline is. We hope you find this information helpful. Let’s get started.

We begin with some basic information about the program: 

  • ANCHOR stands for “Affordable New Jersey Communities for Homeowners and Renters”
  • The program provides property tax relief to NJ residents who either owned or rented their main residence on October 1, 2019 and met the income limits. That being, the maximum of $250,000 for Homeowners, and a maximum of $150,000 for tenants.

Am I considered a homeowner or tenant?

You would be considered a homeowner, if on October 1, 2019, you fell into one of the following categories:

  • You owned a home
  • You owned a condo and paid property taxes on your unit
  • You were a resident shareholder of a cooperative housing complex
  • You were a resident of a continuing care retirement community and your continuing care contract requires you to pay the proportionate share of property taxes attributable to your unit.

You would be considered a tenant, if on October 1, 2019:

  • You rented either an apartment, condo or house
  • You rented or owned a mobile home located in a mobile home park

Homeowner Requirements:

To determine your eligibility, below is a list of homeowner requirements:

  • You were a New Jersey resident
  • You owned and lived in your main home in New Jersey on October 1, 2019
  • You paid 2019 property taxes on that home
  • Your 2019 New Jersey gross income was $250,000 or less.
  • Please note that if you only owned the home for only part of the year, meaning it did not include October 1, 2019, you would not be eligible for the benefit.

Tenant Requirements:

Tenants have their own set of requirements, as well. Some of these include:

  • You were a NJ resident
  • Your 2019 New Jersey gross income was not more than $150,000
  • You rented and occupied a residence in NJ that was your main residence on October 1, 2019
  • Your name was on the lease or rental agreement
  • You paid rent, etc.
  • See the State of NJ Website for more information about Qualified and Non-qualified Rental Properties

How much of a benefit will I receive?

  • Homeowners with incomes of $150,000 or less will receive $1,500
  • Homeowners with incomes more than $150,000 and up to $250,000 will receive $1,000
  • Renters with incomes of $150,000 or less will receive $450

The application options are slightly different for homeowners vs. tenants:

Eligible homeowners can apply:

  • Online
  • By phone (1-877-658-2972)
  • Upload a paper application and attachments using the electronic filing system on the State of NJ website
  • Homeowners only – will receive an ID and PIN number with their mailer, which you might have already received

Eligible tenants can apply:

  • Online
  • Upload a paper application and attachments using the electronic filing system on the State of NJ website
  • They don’t have the phone option

When is the deadline to apply and when can I expect to receive my benefit?

  • The deadline for filing your ANCHOR benefit application has been extended to January 31, 2023.
  • Regarding the mailer - according to the State of New Jersey, “we are currently mailing ANCHOR benefit information mailers to homeowners and tenants.  Allow until the first week in October to receive your mailer.”
  • Benefits are expected to be paid in late Spring of 2023, either as a direct deposit or a check
  • We also provide the ANCHOR hotline phone number: 1-888-238-1233, if you should have any more questions

Source: State of New Jersey

Thank you for listening. If you have any more questions about the ANCHOR program, please reach out to your Baron Team.

Disclosure: This is a general communication being provided for informational purposes only.  This material is not intended to be relied upon as a forecast, research, tax or investment advice.