The clock is ticking for New Jersey homeowners and renters to apply for payments of up to ,500 by May of this year.
According to the New Jersey Division of Taxation, homeowners with annual incomes of $150,000 or less in 2019 will receive payments of $1,500, while those with annual incomes of $150,000 to $250,000 will receive payments of $1,000 through the 2019 Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program. The application deadline for the program is February 28.
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Those who “owned or rented their principal residence in New Jersey on October 19, 2019, and were under the appropriate income levels” are eligible to participate.
Earning $150,000 or less yearly qualifies you to get a payment of $450, which is less than the benefits homeowners receive but still significant.
Payments are anticipated to be rolled out by May.
There is no age limit for applicants, and some people who have subsequently moved may be eligible for the assistance. The owners of a residence that are not spouses must each submit their own claim.
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The goal of ANCHOR is to reduce the burden of New Jersey’s extremely high real estate taxes.