TRENTON – The Department of the Treasury unveiled a streamlined approach to property tax relief this year. Over 1.3 million New Jersey residents who previously benefited from the Affordable Communities for Homeowners and Renters (ANCHOR) program will soon get a letter confirming their continued eligibility. The highlight? Most won’t need to reapply to receive their benefits.
Governor Phil Murphy remarked, “This streamlining means not only significant benefit enhancements for many elderly citizens but also a simplified process for all residents. I am grateful to the Treasury and the Division of Taxation for making New Jersey more affordable.”
State Treasurer Elizabeth Maher Muoio praised the Division of Taxation’s efforts, noting their commitment to expanding on the ANCHOR program’s success from last year and providing vital tax relief to eligible households. The aim is to automate the process for most qualifying individuals.
Senate President Nick Scutari recognized the benefit’s significance, emphasizing its role in alleviating property tax burdens and ensuring eligible residents access the financial help, especially senior citizens who’ll find the process less cumbersome.
Speaker Craig Coughlin added, “New Jersey families can expect enhanced property tax relief this year. By adding $250 for every elderly resident and through various other initiatives, we’re reinforcing our commitment to ensuring that New Jersey remains a desirable place to live, study, and retire.”
Starting today, the Division of Taxation will send out confirmation letters. These will contain specifics about the mode of receiving benefits (either by check or direct deposit, as chosen the previous year) and reconfirm contact and banking details. Those with unchanged details from the past year won’t need to reapply; their benefits will automatically reach them by November 1, 2023.
However, any changes in the given details should prompt an application, which should be submitted by September 30, 2023.
To widen the program’s reach, the Division will dispatch application forms to another two million homes between August 22 and 28. Prospective beneficiaries have until December 29, 2023, to apply, with benefits being granted progressively within three months of application.
In its debut year, the ANCHOR program saw over 1.7 million tenants and property owners benefitting, with amounts varying between $450 and $1,500, calculated based on 2019 taxes.
For a comprehensive understanding, click here.