Today, New Jersey Governor Phil Murphy announced the start of a new program, the Affordable New Jersey Communities for Homeowners and Renters, known as ANCHOR.
This program offers financial assistance in the form of property tax relief to New Jersey citizens who rent or own a property designated as their primary home. In order to qualify for this relief, NJ applicants must adhere to some specific income thresholds that were set by the state. Those thresholds are as follows:
- Residential renters in NJ with an income of $150,000 or less will receive $450 if rent has been paid.
- Homeowners in NJ with an income of $150,000 or less will get $1,500.
- Homeowners in NJ with an income of $150,000 to $250,000 will receive $1,000.
In Murphy’s press conference, he said, “[this marks the] first time in nearly 20 years that we will fully fund direct property tax relief”, a big step forward for New Jersey homeowners and renters alike. He also took to social media early this morning on X (formerly known as Twitter). Posting, “Beginning next week, over 1.5 million taxpayers will receive a letter from @nj_taxation to confirm their automatic eligibility for this year’s ANCHOR property tax relief program! We’re committed to making life more affordable for millions of New Jerseyans.”
Starting next week, the Division of Taxation will be sending out letters across the state letting taxpayers know that the application will be done automatically.
