Tax Tip #210

The Affordable NJ Communities for Homeowners and Renters (ANCHOR) program is back for year three, beginning 8/19/24. 

The division will mail ANCHOR benefit confirmation letters to notify homeowners and renters that their applications will be filed automatically. If the personal information listed in the letter (name, mailing address and banking information if benefit was distributed via direct deposit) has changed since their last ANCHOR payment, taxpayers will need to file new applications by 9/15/24. Payments will be issued on a rolling basis beginning in November. The deadline to file an application is 11/30/24. 

Homeowners must have owned and occuppied their NJ residence on 10/1/21, have paid 2021 property taxes on that home, and have had a gross income no greater than $250,000. The NJ gross income threshold for renters is $150,000.

To apply, have line 29 of your 2021 NJ tax return and state-issued identification ready and visit anchor.nj.gov. Questions regarding the program? Call NJ at 609-826-4282 or 888-238-1233.

For more information, refer to Tax Tip #156 or contact a member of our team.