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ANCHOR discount status; When can you expect your payment?

Posted on by Kennedy
ANCHOR discount status; When can you expect your payment?

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New Jersey residents who have already applied for their Affordable New Jersey Communities for Homeowners and Renters – ANCHOR – will soon see these payments.

And those who have not submitted an application still have several weeks to ensure that they receive the benefit.

Here's exactly what the ANCHOR benefit is and how to check your benefit status in New Jersey.

What is New Jersey’s ANCHOR program?

According to the New Jersey Division of Taxation, the ANCHOR program provides property tax relief to New Jersey residents who own or rent property in New Jersey, use it as their primary residence, and meet certain income limits.

This year's ANCHOR benefit is based on residency, income and age as of 2021.

New Jersey homeowners who were under age 64 in 2021 and have a gross income of less than $150,000 will receive $1,500. Homeowners who were 65 or older in 2021 will receive $1,750.

New Jersey renters who were 64 and under in 2021 will receive $450, while renters who were over 64 in 2021 will receive $700.

Check my ANCHOR status

New Jersey residents can check the status of their ANCHOR benefit online.

If you have not yet applied for your NJ ANCHOR benefit, the New Jersey Department of Taxation recommends that you can still do so online.

“Most homeowners can submit their application online using an identification number (ID), PIN and passcode, or use ID.me’s verification feature,” the New Jersey Department of Taxation’s ANCHOR website states. “However, if you purchased your home in 2021, changed your deed, or had certain life changes such as a divorce or death of a spouse, you will need to file the special circumstances application.”

New Jersey residents have until Saturday, November 30th to apply for the ANCHOR benefit.

NJ ANCHOR payment

You will receive your ANCHOR benefit a few weeks after your application is submitted and accepted.

“We will begin distributing ANCHOR benefits in the fall and continue on an ongoing basis,” New Jersey’s ANCHOR information website states. “Most applicants will receive their payment approximately 90 days after applying, unless additional information is required to process the application.”

Damon C. Williams is a Philadelphia-based journalist covering trending topics in the Mid-Atlantic region.

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