NJ has announced that the deadline to file an application for the recently commissioned ANCHOR property tax relief program is being extended through February 28, 2023*, which gives taxpayers an additional month to apply. In addition, renters who were previously disqualified as a result of their unit being under a PILOT (Payment in Lieu of Taxes) agreement are now eligible to apply for the benefit.
The ANCHOR program was established during the most recent state budget agreement and replaced the former Homestead Benefit. Under the ANCHOR program, twice as many homeowners and nearly a million tenants who had not been eligible in prior years now qualify for property tax relief.
870,000+ homeowners with incomes up to $150,000 will receive $1,500 in relief; 290,000+ homeowners with incomes over $150,000 and up to $250,000 will receive $1,000; and 900,000+ renters with incomes up to $150,000 will receive $450 to help offset rent increases.
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. The payments will be sent via check or direct deposit and are not subject to federal or state income tax.
For more information, please contact Michael Hochman, Partner, at mhochman@grassiadvisors.com or Ted Carnevale, Partner, at tcarnevale@grassiadvisors.com.
*Updated on January 17, 2023 to reflect additional extension.
