Tax & Accounting News

New Jersey Scraps Homestead Rebate, Implements ANCHOR Program

New Jersey Scraps Homestead Rebate, Implements ANCHOR Program

New Jersey has scrapped its Homestead Rebate, replacing the tax break with the new ANCHOR program.

The acronym, which stands for Affordable New Jersey Communities for Homeowners and Renters, has different requirements than the Homestead Rebate, meaning more Garden State residents are eligible to take advantage.

NJ.com reports that "there are no age restrictions, and the state Treasury Department said up to 2 million taxpayers should get rebates with an average payout of $971."

The New Jersey Department of Taxation offers official details about the ANCHOR program, noting that:

ANCHOR eligibility is as follows:

  • Homeowners with incomes of $150,000 or less will receive $1,500.
  • Homeowners with incomes more than $150,000 and up to $250,000 will receive $1,000.
  • Renters with incomes of $150,000 or less will receive $450.

The official webpage for the program also shares that this program is specifically intended to provide "property tax relief to New Jersey residents who owned or rented their principal residence (main home) on October 1, 2019, and met the income limits."

Homeowners with incomes of more than $250,000 and renters with incomes of more than $150,000 do not qualify.

Those whose residences were exempt from property taxes -- such as church parsonages -- or those who made P.I.L.O.T. (payments-in-lieu-of-tax) payments are also ineligible for the benefit.

Renters who live in tax-exempt, subsidized, or campus housing are also unqualified for this tax relief. 

The deadline for ANCHOR applications to be filed is December 30, 2022. Call (888) 238-1233 with questions.

Do you qualify for New Jersey's new ANCHOR program?

You Might Also Enjoy:

share this post
Search for matches...
Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

Recommended Professionals

In the face of economic uncertainty, TaxBuzz is the industry's most up-to-date tax information.

Join 60,000 who get our weekly newsletter. No spam.

Need help selecting a firm?

Use our specialized search engine and get matched to the best accounting and tax firm for your needs.

Related Posts

Latest Posts