Over 800,000 New Jersey Residents to Receive ANCHOR Property Tax Relief Rebates Today

Morristown Minute

more than 800,000 New Jersey taxpayers will receive their ANCHOR property tax relief rebate payments via direct deposit today [3.28.2023]Photo byMorristown Minute

ANCHOR Rebates Deliver Unprecedented Relief for Homeowners and Renters Alike. Direct Deposits Start Today, and Checks Mailed in April.

New Jersey Governor Phil Murphy and Treasurer Elizabeth Maher Muoio have announced that more than 800,000 New Jersey taxpayers will receive their Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief rebate payments via direct deposit today. This marks the first batch of payments for the ANCHOR program, which expands upon the previous Homestead Benefit property tax relief initiative.

In addition to the direct deposit payments, paper checks will be mailed to recipients during the first week of April. The ANCHOR program updates the former Homestead Benefit program by extending eligibility to renters for the first time in a generation and increasing the income threshold for eligible homeowners.

Governor Murphy expressed satisfaction with the program's progress, stating, "This is real relief getting sent to more of our hardworking taxpayers than ever before, proof that a future we are determined to make more affordable and full of opportunity is possible."
Treasurer Muoio also praised the program, saying, "I'm so pleased that money is going back into the pockets of more New Jerseyans than ever before."

The ANCHOR program was established in the Fiscal Year 2023 State budget, with a proposed continuation of the full $2 billion in funding for Fiscal Year 2024. Assembly Speaker Craig J. Coughlin highlighted the success of the program, calling it "the largest property tax relief program in state history."

Over 1.7 million New Jersey residents applied for the ANCHOR rebate, including 1.25 million homeowners and more than 514,000 renters. The majority of payments will be issued before May 3, 2023. Residents who have not received a direct deposit today can check the status of their application and payment at https://www.nj.gov/treasury/taxation/anchor/index.shtml or call 1-888-238-1233 for more information.

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