Eligible NJ Residents Encouraged to Apply for Tax ReliefSeptember 13, 2022

The New Jersey Division of Taxation has issued instructions on how to file for the new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program and these instructions are being mailed out to eligible residents. Homeowners with incomes up to $150,000 will receive $1,500 in relief; homeowners with incomes more than $150,000 and not more than $250,000 will receive $1,000 in relief and renters with incomes up to $150,000 will receive $450 in relief. To be eligible for this year’s benefit, homeowners and renters must have occupied their primary residence on October 1, 2019 and file or be exempt from NJ income taxes. Payments will be issued in the form of checks or direct deposits and sent no later than May 2023 to allow time for application processing and validation. Payments will not be subject to federal or state income tax. Eligible homeowners can apply online, by phone, or via paper application, which can be downloaded online and returned by mail. Renters can apply online, or download the application from the Division of Taxation’s website and return by mail (there is no phone option for tenants, as this is the first time this group will be eligible for property tax relief). The deadline for filing is December 30, 2022.)

Source: https://www.state.nj.us/treasury/taxation/