Homeowners rushing to claim $1,750 ‘Anchor’ checks before October 31 deadline

HOMEOWNERS are racing to get their hands on payments worth $1,750 from an annual program that provides relief from high property taxes.

Checks from the ANCHOR program are already making their way to applicants’ bank accounts, with residents who have yet to apply facing an October 31 deadline.

Alamy

Homeowners and renters are rushing to get their hands on checks worth up to $1,750[/caption]

Getty

Americans have until October 31 to apply for the cash[/caption]

Property taxes have generally been increasing in past years due to a number of reasons, including the appreciation the real estate market has experienced recently and the increasing needs of local governments as inflation ticks upwards.

As homeowners cough up more money to help pay for services within their communities, multiple states have launched property tax relief programs to help ease the burden via payments.

For example, the ANCHOR program hands out the much-needed relief in the form of rebates worth up to $1,750 to both homeowners and renters who meet income and residency requirements.

The property tax relief payments range from $450 to $1,500, with seniors eligible for an extra $250. 

Launched in 2022, the ANCHOR program – short for Affordable New Jersey Communities for Homeowners and Renters – offers eligible residents relief, as New Jersey stands as the state with the highest property tax rate in the country.

Payments for this year began going out to homeowners and renters on Monday as either paper checks or direct deposits, and checks will continue to be distributed on a rolling basis.

Homeowners and renters still have time to file for the ANCHOR program, with the final day to submit an application being October 31. 

The deadline to apply for paper check payments has already passed, however.

ARE YOU ELIGIBLE?

Americans who own or rent their primary home in New Jersey and meet certain income limits are eligible to receive property tax relief from the ANCHOR program.

Program benefits going out this year are based on residency, income, and age from 2024.

New Jersey homeowners must make $250,000 or less to qualify for a check, while renters are subject to a $150,000 cap.

There is a limit to how much New Jersey residents can receive from the relief program, with the payments not permitted to exceed the property taxes a homeowner or renter paid on their primary residence for the qualifying year.

The maximum benefit for senior homeowners and renters is $1,750 and $700, respectively, while homeowners under 65 are capped at $1,650, and renters under 65 can receive a max payment of $450.

If a resident meets the qualifications for the ANCHOR program, most receive their check within 90 days of submitting their application, unless additional information is needed.

Most New Jersey residents who received a payment last year will be automatically reenrolled, although there are exceptions based on age and whether personal information has changed. 

‘GAME CHANGER’

New Jersey Governor Phil Murphy has praised the ANCHOR program, calling it a “game changer” during an appearance on local public radio station WHYY-FM News.

He noted that the program effectively drops property tax levels back 10 years or more, making it a crucial support for many New Jersey residents.

“Since it was introduced, the ANCHOR program has effectively lowered property taxes down to levels that, in many cases, our families have not seen in a decade,” Murphy previously said during a speech announcing the New Jersey state budget.

Last season’s ANCHOR program made history as the state’s biggest property tax relief initiative, with more than $2.1 billion sent out to over 1.8 million homeowners and renters.

ANCHOR isn’t the only property tax program in the state, with Stay NJ and Senior Freeze also supporting residents.

Meanwhile, homeowners in another state can get an immediate tax freeze and refund if they take action before the extended September deadline.

Plus, other homeowners will save $719 on property taxes after a new policy passed in a key state.