Treasury’s Division of Taxation Begins Distributing ANCHOR Property Tax Relief Benefits to Eligible Homeowners and Renters Benefits Distributed on a Rolling Basis

Treasury's Division of Taxation Begins Distributing ANCHOR Property Tax Relief Benefits to Eligible Homeowners and Renters
Benefits Distributed on a Rolling Basis

(TRENTON) - Over one million New Jerseyans will receive up to $1,750 over the next week as the first round of ANCHOR property tax relief benefits is distributed to eligible homeowners and renters.

More than 900,000 benefits distributed via direct deposit were scheduled to hit bank accounts on Thursday, October 10, and about 100,000 checks were mailed on Friday, October 11. Payments will be distributed on a rolling basis until all eligible applicants receive their benefit.

The vast majority of the first round of benefits will be distributed to auto-file applicants, meaning those who received an ANCHOR benefit in previous seasons and received an ANCHOR Benefit Confirmation Letter this summer confirming their application would be filed automatically using information already on file with the Division of Taxation. Over 1.5 million applications were filed automatically this season.

"I'm proud to deliver this important tax relief directly to New Jersey families, putting money back in the pockets of both homeowners and renters," said Governor Phil Murphy. "The ANCHOR program makes tax relief convenient and accessible to families, part of our promise to make New Jersey stronger, fairer, and more affordable."

"The ANCHOR program delivers crucial property tax relief to millions of New Jerseyans at all stages of life," said State Treasurer Elizabeth Maher Muoio. "I'd like to thank the dedicated staff of our Division of Taxation for their efforts to make this program more convenient and accessible with each application season, from filing applications automatically for a majority of eligible taxpayers, to ensuring benefits are distributed in a timely manner."

"We are maintaining our commitment to affordability by providing an historic level of property tax relief to homeowners and renters in New Jersey," said Senate President Nick Scutari. "ANCHOR will deliver much needed relief to help ease the burden of property taxes for middle class families, senior citizens and working people throughout the state. This program provides direct financial assistance for those who need it most."

"We passed the largest property tax relief program in state history, delivering billions for New Jersey families," said Assembly Speaker Craig J. Coughlin. "ANCHOR has made our state more affordable and eased the burdens of homeowners and renters alike. In its third year, it has become a reliable benefit for residents with efficient outreach and distribution by Treasury. My thanks to Governor Murphy and his team along with my colleagues in the legislature for delivering on our affordability agenda, including further property tax relief for seniors on the way with StayNJ."

Most new applicants will receive their benefit within 90 days of applying, unless further information is needed to verify their application. The deadline to file a new application is November 30, 2024. To date, the Division of Taxation has received about 225,000 new applications for the current ANCHOR season.

Applicants can check the status of their benefit online at anchor.nj.gov. The benefit status check tool is updated twice per week, so applicants can expect to receive new information about the status of their application a maximum of twice per week.

This season marks the third year the State will distribute ANCHOR benefits. Last season's program covering the 2020 tax year made history as the State's single largest property tax relief initiative, with over $2.1 billion in benefits distributed to more than 1.8 million homeowners and renters. Payments ranged from $450 to $1,500, with applicants over age 65 receiving an additional $250.

Information about the program is available at anchor.nj.gov, including detailed FAQs for homeowners and renters. Applicants may also call the ANCHOR hotline (609) 826-4282 or 1-888-238-1233. Phone lines may be busy at times during the ANCHOR season, so applicants may choose to seek in-person assistance at a Regional Information Center or at a number of outreach events hosted this fall across the state.