Last chance today! Homeowners and renters could claim up to $1,750 in property tax relief

A state program is offering payments worth up to $1,750 to eligible homeowners and renters, but the application deadline is October 31.

If you haven’t checked whether you qualify, this is your last chance to secure your payment before the window officially closes. The process only takes a few minutes online, and for many, it could mean hundreds of dollars back in their pockets before the end of the year.

What Is the ANCHOR Program?​

New Jersey is famous for its boardwalks, tomatoes, and, unfortunately, sky-high property taxes. In fact, the Garden State consistently ranks among the highest in the country for property tax rates. That’s where the ANCHOR program comes in, aiming to ease the burden for millions of residents, both homeowners and renters.

Launched in 2022, ANCHOR is the state’s answer to the property tax squeeze, providing direct rebates to help make living in New Jersey a little more affordable. Governor Phil Murphy has praised the program, highlighting its role in supporting residents and making the application process as simple as possible.

How Much Can You Get?​

The amount you can receive depends on your age and whether you own or rent your home:

• Senior Homeowners (65+): Up to $1,750
• Senior Renters (65+): Up to $700
• Non-Senior Homeowners: Up to $1,650
• Non-Senior Renters: Up to $450

For many, this rebate can mean the difference between a stressful tax season and a little breathing room in the budget.

Also read: Are you eligible for December’s $350 energy credit? Here’s how to find out

Who’s Eligible?​

Before you start dreaming about how to spend your rebate, let’s talk eligibility. The ANCHOR program has strict income caps:

• Homeowners: Annual income must be $250,000 or less
• Renters: Annual income must be $150,000 or less

And here’s an important detail: you can’t receive a rebate larger than the property taxes you actually paid on your primary residence. So, if your property tax bill was $1,200, that’s the maximum you’ll get back, even if you’re eligible for more.

How to Apply (and Why You Need to Hurry!)​

If you’re hoping for a paper check, unfortunately, that ship has sailed, as the deadline for requesting a mailed payment has already passed. But you can still apply online for direct deposit, and most successful applicants will see their money within 90 days of filing.

If you received an ANCHOR payment last year, you might be in luck: over a million New Jersey residents were automatically re-enrolled for this year’s payment. Still, it’s a good idea to check your status and make sure everything is in order.

Also read: Are you making this costly property tax mistake? One couple lost $76,000—Here’s how to avoid it

What’s the Impact?​

For many New Jerseyans, this rebate is more than just a nice bonus; it’s a crucial part of their financial planning. A recent Talker Research study found that 52% of Americans consider their tax refund an essential part of their annual budget, with most planning to spend it on necessities like rent, groceries, and paying down credit card debt. In fact, over half of those using their refund to pay down debt are specifically targeting holiday-season purchases.

But it’s not all about bills; some folks are treating themselves, too. The same study found that 8% of respondents plan to spend their refund on luxuries, such as new clothes, entertainment, or even a new phone.

The clock is ticking, and the final deadline is today. If you haven’t already, visit the official ANCHOR program website to check your eligibility and application status. Most payments are processed within 90 days, so the sooner you apply, the sooner you could see that money in your account.

Check eligibility and apply here: https://nj.gov/treasury/taxation/anchor/

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Key Takeaways

• New Jersey homeowners and renters have just hours left to apply for the ANCHOR property tax relief payment, which can be worth up to $1,750 for eligible residents.
• Seniors receive the greatest benefits under ANCHOR, with senior homeowners able to claim the full amount and senior renters eligible for up to $700.
• Strict income caps apply: renters must have an annual income of under $150,000, while homeowners must have an annual income of under $250,000 to be eligible.
• Most applicants can expect to receive their ANCHOR payment within 90 days of filing. Many eligible New Jersey residents who received the payment last year were automatically enrolled.

Have you received an ANCHOR rebate in the past? How did you use your payment? Are you planning to apply this year, or do you have questions about the process?