Tax Relief Coming To Long Valley Homeowners, Renters

LONG VALLEY, NJ —Long Valley residents may be eligible for new property tax relief opportunities as part of the state's new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program.

It is no secret that New Jersey is an expensive place to live if you want to own a home, and Long Valley is no exception. Taxes and home values have steadily risen across the state over the last decade, with Long Valley residents paying an average of $11,777 in 2021.

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

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, homeowners must have:

• Been a New Jersey resident; and
• Owned and occupied a home in New Jersey that was their principal residence (main home) on October 1, 2019; and
• Paid the 2019 property taxes on their main home; and
• Had 2019 New Jersey gross income of not more than $250,000.

To be eligible, tenants must have:

• Been a New Jersey resident; and
• Rented and occupied an apartment or residence in New Jersey that was their principal residence (main home) on October 1, 2019; and
• Lived in a unit with its own separate kitchen and bath facilities (if the building had more than one dwelling unit); and
• Paid rent on their main home, which was subject to local property taxes; and
• Had 2019 New Jersey gross income of not more than $150,000.

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.

The NJ Division of Taxation mailers began arriving to tenants and homeowners in Morris County, which includes Long Valley, on September 14th and the department has asked that residents not call about a missing mailer until at least two weeks after the expected delivery date for their county.

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.