New Jersey Anchor Program: What Is It and How To Apply

The Anchor Program New Jersey is a property tax relief program that aims to give money back to lower-income families to offset the high housing cost. If you’re a homeowner or renter in the state, you may be eligible for a stimulus check in 2024 through the Anchor Program.

If you qualified for the Anchor Program in previous years, you may automatically receive another payment this year. Read on to learn more about the Anchor Program, how it works, how much you can get, and the qualification requirements.

What Is the Anchor Program in NJ and How Does It Work?

The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) replaced the Homestead Benefit Program in 2019. The new program expanded on the existing Homestead Benefit in three ways:

• Reopening the benefit to NJ renters
• Extending benefits to those with higher incomes
• Increasing the Anchor rebate NJ amount for current recipients

If you own or rent a property in the state as your principal residence and meet the program’s income limits, you may qualify for the benefit. For the current filing season, eligibility and benefit amounts are based on 2020 age, income, and residency.

“The anchor program in New Jersey allowed for people with higher incomes to take advantage of the assistance,” explains Teresa Dodson, founder of Greenbacks Consulting. “This is unusual, but NJ is a very expensive place to live. So many people making up to $250K were able to use this program,” says Dodson.

Benefits of the New Jersey Anchor Program 

The New Jersey Anchor program was introduced in 2019 to benefit homeowners, renters, and local communities. Since its introduction, the program has benefited millions of state residents by helping them keep up with the high cost of housing and financial hardships. 

Benefit Payout

The most well-known and impactful benefit of the NJ stimulus program is the payout that eligible homeowners and renters receive. Here’s how much you can expect to receive for the current filing season:

• New Jersey Homeowners: $1,500 ($1,750 for 65 and older) for those with income of $150,000 or less, $1,000 ($1,250 for 65 and older) for those with income of $150,001 to $250,000
• New Jersey Renters: $450 for those 64 and younger, $700 for 65 and older

Homeowners who aren’t required to file the New Jersey Gross Income Tax Return can also get an NJ anchor rebate or property tax credit of $50. Renters aged 65 and older who don’t need to file the tax return can also get a property tax credit of $50.

Community Development

The NJ Anchor program helps develop communities in the state. The aim of the program is to help offset the high cost of living and create more affordable communities. The stimulus package also aims to boost the economy and encourage spending by putting money back in the pockets of eligible state residents.

Are You Eligible for the New Jersey Anchor Program?

To qualify for the 2020 Anchor Benefit NJ, you’ll need to meet certain requirements based on your 2020 residency.

You may be an eligible homeowner if:

• You were a resident of the state in 2020
• You owned and lived in a home in NJ that was your primary residence
• You paid property taxes on your home in 2020
• Your gross income for 2020 was $250,000 or less

If you’re a renter, you may qualify for the benefit if:

• You were a resident of the state in 2020
• Your name was on the lease agreement
• You rented and lived in New Jersey, which was your primary residence
• You paid rent
• Your gross income for 2020 was $150,000 or less
• You lived in a qualified rental property that was subject to local property taxes

How To Apply for the Anchor Rebate

If you determine that you’re eligible for the NJ anchor rebate, here’s how you can apply:

1. Check your email and mailbox for information. The mailer will have an ID number and PIN to apply.
2. Check to ensure the information in your Anchor Benefit Confirmation Letter is correct.
3. You don’t have to apply for the program; you’ll automatically receive the benefit based on your previous application and filing information if you’ve already received the benefit.
4. If you haven’t received the benefit in the past, you will receive a filing packet from the Department of the Treasury with information on how to apply and whether you have to send in a paper application or online.  

The filing deadline was December 29, 2023, but was later extended to February 28, 2023. If you missed the deadline or weren’t eligible, check the NJ Treasury website for updates on the next benefit payment.  

How To Check Your Application Status

You can use the online inquiry system to check your NJ benefit status and the date the benefit is issued. You’ll need to provide your ZIP code, your Individual Taxpayer Identification Number (ITIN), or your Social Security number (SSN).

The filing deadline for the benefit was December 29, 2023, but later extended to February 28, 2023. There have been no new announcements for the renewal of the program for 2024.  The Senior Freeze Program is still available for disabled persons and senior citizens for mobile home park site fees or property taxes. 

Payments are issued on a rolling basis, so you can expect to receive your payment 90 days after you apply. In some cases, you may have to provide additional information. With over $2.1 billion distributed, this was the largest property tax relief program in NJ history. 

Apply for Financial Assistance if You Didn’t Qualify for the Rebate in 2023

The Division of Taxation is currently issuing payments to New Jersey residents eligible for the Anchor Program NJ. If you own or rent a property in NJ as your primary residence and meet other eligibility requirements, you may qualify for the benefit.

Keep in mind that if you can’t afford necessities due to hardship, there are many resources and benefits available. Consider exploring state-funded financial assistance programs that could help you navigate these hard times.

If you’re facing financial difficulties due to unsecured debt, consider enrolling in New Jersey debt relief programs like debt settlement or credit counseling to pay off your debt faster.

For more information about assistance in other states, visit our NY stimulus checks, Pennsylvania stimulus checks, and Massachusetts stimulus checks pages.