Discover How to Apply and Track Your ANCHOR Check for a Timely Payment

Enhance Your Finances with New Jersey’s ANCHOR Program

ANCHORED Relief: Navigating New Jersey’s Property Tax Relief Program

The ANCHOR program, short for Affordable New Jersey Communities for Homeowners and Renters, is an initiative designed to alleviate the financial strain of high property taxes in the state. As many residents have begun receiving payments since September 15, there is still time for eligible individuals to apply and take advantage of this benefit.

Understanding the Payment Timeline

The New Jersey Division of Taxation has laid out a clear schedule for distributing these payments. Residents can expect to receive their funds within 90 days of applying. The rolling distribution began in mid-September, with continuous disbursements thereafter. To streamline the process, applicants can choose to receive their payments through direct deposit by opting for the online filing option. Those filing paper forms will automatically receive checks.

Tracking Your ANCHOR Payment Status

Staying informed about your application’s status is crucial. Applicants can easily monitor their payment’s progress using the “check benefit status” tool on the ANCHOR website provided by Emegypt.

Determining the Benefit Amount

The financial relief provided through the ANCHOR program varies based on residency and income:

• Homeowners aged 65 and older may receive up to $1,750.
• Younger homeowners are eligible for up to $1,500.
• Renters aged 65 and older can receive up to $700.
• Younger renters may be entitled to up to $450.

The determination of benefit amounts considers applicants’ gross income and must not exceed property taxes paid during the qualifying year.

Eligibility Requirements for the ANCHOR Program

Eligibility for the ANCHOR program extends to both homeowners and renters who meet specific criteria:

• Homeowners must have owned and occupied their New Jersey residence as of October 1, 2024, paid property taxes, and had a gross income of $250,000 or less.
• Renters need to have occupied a taxable rental unit, had their name on the lease, paid rent, and reported an income of $150,000 or less.

For seniors over 65 and those receiving Social Security disability benefits, the application process is consolidated with the Senior Freeze and Stay NJ programs.

Application Process for the ANCHOR Program

Many eligible homeowners and renters under 65 may have automatically applied by September 15 through previous application information. They should have received confirmation letters in August. Those needing to update banking details, request paper checks, or decline filing were expected to respond by the deadline. However, if any eligible individual did not receive a letter, the application form is accessible online until October 31.

Risha Inaganti, who covers trending topics across South Jersey for Emegypt, can be reached via email for additional story suggestions.