ANCHOR Property Tax Rebates Start Rolling Out: Murphy

NEW JERSEY — New Jersey homeowners and renters who applied for the ANCHOR property tax relief program will start to see their rebate payments beginning Tuesday, officials said.

More than 1.7 million NJ residents applied for the first year of the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief program.

Gov. Phil Murphy and State Treasurer Elizabeth Maher Muoio announced that those who chose direct deposit for their payments will receive it Tuesday — about 800,000 of those 1.7 million applicants. You can check your application status here.

The rest of the applicants will receive their rebate in a paper check. The maximum rebate is $1,500. Paper checks will be mailed in batches, beginning the first week of April, said officials.

Most ANCHOR payments will be issued before May 3, 2023, said Muoio's office. Some applications that need additional information might not be processed in time for that deadline.

A renewal of the program is included in Murphy's budget for 2024.

The $2 billion ANCHOR benefit program replaced the Homestead Rebate in 2022 as New Jersey's primary program for property tax relief, and tripled the number of residents eligible for the rebate, officials said.

“At a time when families are facing increasing pressure on their wallets, it’s a good feeling to know we are following through on our promise to make New Jersey more affordable,” said Murphy. “This is real relief getting sent to more of our hardworking taxpayers than ever before, proof that a future we are determined to make more affordable and full of opportunity is possible."

The applicants for the tax rebate included 1.25 million homeowners and over 514,000 renters, the state treasurer's office said.

The Department of the Treasury confirmed that 2024 ANCHOR benefits would be based on tax year 2020 income and residency, if legislators approve the renewal of the $2 billion program included in Murphy’s Fiscal Year 2024 budget. Related article — New NJ Property Tax Relief Plan Extended: What To Know

The program gives rebates of up to $1,500 for homeowners with a household income of less than $150,000. Homeowners with a household income between $150,000 and $250,000 can receive $1,000, and renters with incomes up to $150,000 will receive up to $450 each.

Senate President Nicholas P. Scutari (D-Union) and Assembly Speaker Craig J. Coughlin (D-Middlesex) said the program builds on Democratic leadership's promises to make the Garden State more affordable.

“We made property tax relief a top priority in our budget and we delivered the largest property tax relief program in state history," said Coughlin. "The ANCHOR Program expanded eligibility to more families and increased the amount given to historic highs. As we continue to make New Jersey more affordable, we will build on this success.”

“It is great to see the checks getting out the door and into the hands of hardworking residents," said Scutari. "As many families struggle to make ends meet, the ANCHOR program will provide much needed assistance to both homeowners and renters. It is an important part of our ongoing commitment to making New Jersey more affordable and delivering meaningful property tax relief.”