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NJ ANCHOR Benefit Program Renewed for Second Year

Financial Planning Taxes

A 60-second read by the Baron Team:  The “Affordable New Jersey Communities for Homeowners and Renters” program (ANCHOR) has been renewed for the second year.  This year’s program provides property tax relief to NJ residents who either owned or rented their main residence on October 1, 2020 and met the income limits (Your 2020 NJ gross income was not more than $250,000 for homeowners, and $150,000 for tenants).  

According to the State of NJ Division of Taxation website, they will file ANCHOR applications on behalf of most qualified residents who received an ANCHOR benefit earlier this year (for tax year 2019).  If you qualify, you will receive a confirmation letter this month (August 2023).

Some important information to take note of:

  • If the information in your confirmation letter remains the same as your prior filing, no action is required on your part. Benefit payments will be issued using the same method and banking information used in your prior filing and contained in your confirmation letter. You can check the status of your benefit payment beginning in mid-October.

  • If any information from your prior filing changed, you must file your application to update these changes before September 30, 2023
  • The NJ Division of Taxation will not make adjustments to your name or banking information after September 30, 2023. Payments will be issued using the information they have on file. 

  • All other applicants have until Friday, December 29, 2023, to file applications.

For rebate and other information, visit https://www.state.nj.us/treasury/taxation/anchor/

View our ANCHOR Program video and blog from October 2022  

Please reach out to your Baron Team with any questions.

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.