THERE is a crucial update Americans should know about an upcoming tax relief payment.
Applicants who have not yet received a letter confirming their benefits are able to submit an application by the end of October.
Homeowners and renters are eligible for these benefits (stock photo).[/caption]
The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) payments are a form of property tax relief issued to New Jersey residents.
The residents eligible are those who own or rent property in the state as their main home and meet certain income thresholds.
ANCHOR payments this year are being distributed based upon income, age and residency information from 2024.
Applications were filed on behalf of many eligible renters and homeowners in the state for people under the age of 65 who do not receive Social Security disability payments.
Letters were sent out to those applicants in August.
Taxpayers 65 and older or those who do receive Social Security disability benefits must file their own application.
The New Jersey government said applicants who received a benefit confirmation letter and requested a paper check, needed to update their banking information or declined the filing were required to submit their application by September 15.
Any applicants who did not receive a letter must submit an application soon.
An Application for Property Tax Relief must be submitted by eligible residents on their own by October 31.
WHO’S ELIGIBLE?
Renters who are a resident of the state, occupied a residence in Jersey as their primary home, have their name on the lease, paid rent and if the rental property was subject to local property taxes, are eligible for benefits.
Homeowners face similar requirements like being a state resident, occupying a home in the state as your main residence and having their home subject to property taxes.
Homeowners 65 and older are able to receive $1,750 in benefits if their income was $150,000 or less.
Homeowners with incomes between $150,001 and $250,000 are eligible to get $1,250.
If you’re under the age of 65 and earned $150,000 or less in 2024, you’re eligible to receive $1,500.
Residents who made under $250,000 but more than $150,000 will see benefits amounting to $1,000.
MONEY PLEASE
Payments went out on a rolling basis on September 15 and are expected to continue throughout December.
People who applied online are able to choose whether or not they want a paper check or a direct deposit.
Paper applicants will only receive a paper check.
Other Relief Payments
- Virginia: the state’s Governor announced eligible residents who filed individually will receive $200 rebates. Those who filed jointly can receive up to $400.
- New York: Checks worth up to $400 are already on their way to residents as part of a financial rebate to offset inflation costs. The highest check is being mailed out to joint filers making under $150,000.
- Pennsylvania: Homeowners and renters can receive between $380 and $1,000 as part of a rebate program. Payments are being sent to those 65 and older, windows and widowers over age 50, and anyone under 18 with a disability. Those eligible must also have a household income under $46,520.
For residents over the age of 65 who did not claim a $50 Property Tax Credit or do not need to file a tax return, the credit will be added to their ANCHOR benefit payment.
The relief payments are not eligible for vacation homes, second homes, a property Jersey residents rent to someone else, properties with more than four units or properties with four units or less that have more than one commercial unit.
For those in Condominiums and Co-ops, if you paid property taxes on the unit, you are considered a homeowner when applying for ANCHOR benefits. Be sure to mark “no” on the applications section about living in a multi-unit.
Want to know more about financial relief? Read about the truth behind the IRS $1,390 relief payments rumoured to be coming out in October.
The IRS also just dropped a sneak peek at the new form used for no taxes on tips, overtime and car loan interest.
