NJ is changing the way you get your NJ ANCHOR tax rebate payment
💰 NJ is beginning to send out notices about the next ANCHOR payments
💰 You may not have to do anything in order to receive your next benefit
💰 NJ is trying to reach many households that are eligible but still need to apply
It'll be much easier to get your hands on your ANCHOR property tax relief money this year.
The New Jersey Department of Treasury began sending mail on Tuesday to more than 1.3 million people who received ANCHOR (Affordable Communities for Homeowners and Renters) benefits last year, to let them know that they'll be automatically be paid this time around and do not need to fill out an application again — in most cases.
"This will no doubt be welcome news for millions of residents across the Garden State," said Gov. Phil Murphy.
In addition, mail will soon be going out to 2 million residences with the goal of reaching additional homeowners and renters who may be eligible for the ANCHOR program.
Last year, payments ranging from $450 to $1,500 went out to more than 1.7 million renters and homeowners, covering the 2019 tax year.
How to automatically receive NJ's ANCHOR payment
It's very likely you won't have to do anything in order to receive a check or direct deposit for your second ANCHOR payment.
As long as your mailing address and bank information are the same as the last time you received your benefit, you're good to go.
But individuals who need to change their mailing address or bank account number must use this portal to apply again online, by Sept. 30. No changes can be made after that date.
All other applicants who did not receive a payment last year have until Dec. 29 to file an application. An example of the mailer they can expect is below.
When will I receive my ANCHOR payment?
The Department of Treasury says you can check the status of your benefit beginning in mid-October, at this site.
Payments will be issued on a rolling basis.
Most applicants can expect to receive their payment approximately 90 days after filing an application, unless the state needs additional information to process the claim.
How much is my ANCHOR payment?
This round covers the 2020 tax year. Folks who owned or rented a primary residence as of Oct. 1, 2020, and brought in $250,000 or less for the year, are eligible for ANCHOR benefits.
Homeowners who were under the age of 65 in 2020 and brought in $150,000 or less in gross income that year should receive $1,500. The payment goes down to $1,000 for 64-and-younger homeowners in 2020 that brought in between $150,001 and $250,000.
Homeowners who were at least 65 years old in 2020 are scheduled to receive $1,750, if their gross income was $150,000 or less. The payment is $1,250 for older residents who made between $150,001 and $250,000.
The majority of renters will receive $450. For renters that are at least 65 years old and earn $150,000 or less per year, they'll receive an additional $200 bringing their total rebate up to $700.