Thursday, June 13, 2024
HomenewsNew Jersey Has Issued $1500 Stimulus Payments to Homeowners and Renters for...

New Jersey Has Issued $1500 Stimulus Payments to Homeowners and Renters for Property Tax Reduction

A new program that might provide up to $1,500 in stimulus checks is part of the government’s effort to provide financial aid to residents of the heavily taxed state of New Jersey. Homeowners and renters in New Jersey have less than six weeks left to sign up for the program.

Who Can Receive a New Jersey Stimulus Check?

The Anchor program was approved last year by the state legislature and Phil Murphy, the governor of New Jersey.

It aims to offer relief by offering rebates to both homeowners and renters. The list of rebates below was given by the New Jersey Division of Taxation:

  • Owners of homes who make up to $150,000 annually will receive $1,500.
  • A $1,000 stipend will be given to homeowners with incomes of between $150,000 and $250,000.
  • Renters who earn up to $150,000 a year will receive $450.

The Anchor benefit application must be submitted by February 28, 2023.
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The Division of Taxation will begin making benefit payments in late spring 2023. Payments will not be credited to property tax bills but will be made via direct deposit or cheque.

Steps to Applying

Homeowners need an Anchor ID and PIN to apply online or over the phone. You can use the online ID and PIN inquiry system to obtain your ID and PIN if you applied for the Homestead Benefit program last year but did not receive a mailer or email with them.

New Jersey Has Issued $1500 Stimulus Payments to Homeowners and Renters for Property Tax Reduction

Some homeowners are required to submit a formal application for the reasons mentioned above. To apply over the phone, dial 877-658-2972.

As they lack an Anchor ID and PIN, it is advised that qualified renters submit their applications online. The only other alternative is to submit a paper application; there is no phone option.

Age is not a criterion for participation in the Anchor program.
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If you co-own a house with someone who isn’t your spouse, each owner of that home must file their ANCHOR application.

Residents of New Jersey, who currently face high inflation costs and economic worries, can take some comfort in the fact that their state taxes won’t increase the next year.

Gov. Phil Murphy stated on Thursday that taxes would not change when his next budget was presented in February. The budget covers the fiscal year that runs from July 1 to June 30, 2024.

A few days had passed since Murphy gave his fifth State of the State address, in which he hailed his economic performance but offered little details on his plans for the future year.

The Bloomberg interview gave insight into at least some of his economic planning as he gets ready to deliver his budget statement.

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