Tax Relief Coming To Chatham Borough Homeowners, Renters

CHATHAM, NJ — Chatham Borough officials recently announced new opportunities for property tax relief under the state's new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program.

This program replaces the previous Homestead Rebate Benefit and increases both the benefit amount and the number of eligible applicants, according to officials.

“With the expansion of this program many more Chatham Borough residents will be eligible for property tax relief,” said Borough Council Member and Budget and Finance Chair Karen Koronkiewicz.

Homeowners earning up to $150,000 will receive $1,500 in relief; those earning between $150,000 and $250,000 will receive $1,000; and renters earning up to $150,000 will receive $450 to help offset rent increases.

To be eligible for this year's benefit, homeowners and renters must have lived in their primary residence since Oct. 1, 2019, and have filed or been exempt from NJ income taxes.

Residents do not qualify if their home was completely exempt from paying property taxes or if they paid P.I.L.O.T. (Payments-in-Lieu-of-Tax).

To allow for application processing and validation, ANCHOR payments will be issued in the form of checks or direct deposits and sent no later than May 2023. Payments will be exempt from federal and state income taxes.

Eligible homeowners can apply online, over the phone, or through a paper application, which can be downloaded online and mailed back. Renters can apply online or download and mail the application from the Taxation website.

The deadline for filing is Dec. 30, 2022.

“The ANCHOR program will deliver real, tangible property tax relief to both homeowners and renters, a historic step toward making New Jersey a more affordable state,” Governor Phil Murphy said.

To learn more about how to apply for the program, click here.