NJ ANCHOR Program Opens for 2024
The State of New Jersey’s Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief program will officially open for 2024 in August. Beginning August 19, the state’s Treasury Department will start sending notification letters to 1.5 million New Jersey taxpayers, confirming their eligibility and informing them that the state will automatically file their ANCHOR applications.
Program Changes
In its third year, the ANCHOR property tax relief program will see some changes. If a homeowner or renter previously received ANCHOR benefits and their information has not changed from the previous year (what the state has on file), the taxpayer will not need to do anything to collect their benefits. Beginning August 26, the state will send an additional 2 million taxpayers an application packet by mail (green for homeowners and purple for renters), hoping to reach more eligible homeowners and renters. This packet will contain the ID number and PIN needed to complete the application. Taxpayers need to know that this year, regardless of whether you receive a letter or an application, if any of your information has changed, you must file a brand-new application by September 15, 2024 (earlier than previous years). Additionally, some taxpayers will have to go through an extra level of identity verification through ID.me, which they will be notified of when they log into the ANCHOR program site.
Application Process Specifics
If a taxpayer doesn’t receive a letter or application packet, they can still apply for property tax relief by logging in and verifying their identity, upon which an ID number and PIN will be provided. Taxpayers also no longer need to file paper applications (although the option is still available). The Treasury Department now offers a secure portal to upload documents that previously needed to be provided by mail. The new deadline to file an application, provided there are no changes to your information, is November 30, 2024, almost a month earlier than last year.
These ANCHOR payments are for the 2021 tax year and will pay eligible homeowners up to $1,500 and renters up to $450, with seniors receiving an extra $250. The Treasury Department announced that payments will be sent on a rolling basis starting in November. Last year, over 1.8 million homeowners and renters received more than $2.1 billion in property tax relief payments.
Contact Us
If you have questions about the information outlined above or need assistance with another tax or accounting issue, Klatzkin can help. For additional information, call 609-890-9189 or click here to contact us. We look forward to speaking with you soon.