The ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) program is a property tax relief program in New Jersey that provides benefits to eligible residents who own or rent their principal residence in the state. The program was introduced to replace the Homestead Benefit program.
The ANCHOR program offers different benefit amounts based on the applicants income and housing status. Here are the key eligibility and benefit details for homeowners and renters:
Homeowners:
- NJ homeowners with income of $150,000 or less receive a benefit of $1,500.
- NJ homeowners with income of more than $150,000 and up are not eligible for the program.
Renters:
- Renters with a 2019 gross income (NJ-1040 Line 29) of $150,000 or less receive a benefit of $450.
- Renters with a 2019 gross income (NJ-1040 Line 29) of more than $150,000 are not eligible for the program.
The ANCHOR benefit payments are not reportable as New Jersey income. The program's filing deadline for the 2019 benefits was February 28, 2023, and the payments were distributed through the month of May in the form of direct deposits or checks, not as credits to property tax bills.
