Tax relief is another area where people invest a lot of time. Everyone wants to receive tax benefits and relief. Recently, a tax relief program was announced in the state of New Jersey, and people are elated about it. New Jersey residents who owned their primary home on October 1, 2019 and met the gross income limits for 2019 can apply for the ANCHOR program newly put forth by the New Jersey state government.
What is NJ Anchor Program?
The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program is replacing the previous Homestead Benefit program. Under the new program scheme, people can have double the previous benefits, both home owners and tenants alike.
Almost 1.2 million homeowners can get a benefit of $1500, and more than 9 lakh renters can get a benefit of $450. The deadline for the application is already gone, having been on February 28, 2023. Almost everyone in every county has filled in the application form.
How to check status of anchor application?
If you have filled out an application form, you will need to check the status of your application from time to time. You can check the status of the Anchor program NJ status either by going online and raising an inquiry or by calling them at 1-877-658-2972.
Who qualifies for NJ Anchor Program?
You’d qualify for the NJ Anchor program if you meet the following criteria;
- You must have been a resident of New Jersey for a long time.
- The primary residence is where they stay, and it was the same as on October 1, 2019.
- They did submit the property taxes for 2019.
- The NJ residential tenants with an income of less than or equal to $150,000 will have $450.
- People need to pay their rent to get this benefit.
- Those homeowners who have an income of $150,000 or less will get $1500.
- Those who have an income of $150,000 to $250,000 will receive an amount of $1000.
- They must be residents of New Jersey as tenants.
- As on 1st October 2019, they must have been using an apartment or a residence as their primary home.
- They have paid their rent, which is subject to local property taxes.
- Their gross income was not more than $150,000.
How long does NJ Anchor application process takes?
If you send in your application via phone or online, you might get a decision within two weeks. For those who apply on paper, it might take up to 12 weeks to process your application.
You can call 1-888-238-1233 for further queries. Usually, they will be communicating with you via mail, and there are only a few reasons why you might feel like calling them.
FAQs (Frequently Asked Questions)
What are the income limits for the NJ Anchor program?
People can get the benefits if they earn less than $150,000 or somewhere between $150,000 and $250,000.
How much do you get from the NJ Anchor program?
Homeowners can get $1500, and tenants can get up to $450. If you want to find out more about how much you can get from them, you can find that information on their site.
When does NJ anchor program pay out?
Anchor benefits will be paid in the form of either a direct deposit or a check. Most of the payments will be made by May 2023.
This year’s deadline is already over, and if you still wish to find out more about the application, you can check the details from here. Anchor program NJ status checking process is also mentioned here. You need to find out more from here. Also they will not pay the amount as property tax bills or even as a credit. Only those who qualify must apply for the program