New Jersey “ANCHOR” Program

Yes, we certainly live in a world of acronyms – a recent one being ANCHOR.  So, what does it mean?

If you are a New Jersey resident, the Affordable New Jersey Communities for Homeowners and Renters a/k/a ANCHOR replaces the Homestead Rebate.  This program is different in that there is no age restrictions and can provide credits of up to $1,500 to taxpayers based upon their gross incomes. 

If you were a New Jersey resident and owned and occupied a home in New Jersey as your principal residence on October 1, 2019 on which 2019 real estate taxes were paid on that home and your NJ gross income was $250,000 or less, you are eligible.  Just as with the old Homestead Rebate program, there are certain qualifiers such as sharing your home with someone who was not your spouse/civil union partner or if you didn’t own 100 percent of your home. 

If you did not own a home on October 1, 2019, you do not qualify even if you owned your home for a part of the year.  Nor do you qualify if your residence was completely exempt from property taxes or you were enrolled in the P.I.L.O.T. (Payments in Lieu of Tax) program.  Also, you are not eligible for the benefit of a second home or for a property you owned but rented to someone else. 

If you were renting your main home on October 1, 2019, then you may qualify as a tenant eligible to receive the benefit.  Tenants can qualify for a benefit of $450 based upon their gross income. 

Applications for the ANCHOR program are being sent during September based upon the county.  There will be mailings via email as well as by USPS.  If you do not receive your application by October 15, 2022, you should call the ANCHOR hotline at 1-888-238-1233. 

Applications are due by December 30, 2022 for expected benefits to be paid by May 2023.  In the meantime, keep your eyes open for your application. 

Share

Tags: , ,

About the Author

Kay Sowa is a paralegal in the Trusts and Estates Group at Capehart & Scatchard, P.A. She is an IRS Enrolled Agent, an Accredited Estate Planner®, and a Certified Trust and Fiduciary Advisor. She oversees the trust and estate administration practice for the firm. She is an accomplished author and lecturer who has frequently spoken on behalf of a number of organizations including the National Business Institute and the Institute of Paralegal Education.

Post a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Top