This story is being republished under a special NJ News Commons content-sharing agreement. Link to story: nj.com/news/2024/07/when-will-i-get-my-anchor-benefit-the-latest-on-nj-property-tax-savings.html
Now that the next ANCHOR property tax benefit was funded in the new state budget, residents want to know when they can expect their money.
The ANCHOR payments, which are for the 2021 tax year, will pay the same level as last year: up to $1,500 to homeowners and $450 for renters, with senior homeowners and renters getting an extra $250.
There are no definitive dates for when people will start to receive the tax relief, which last year paid nearly $2.2 billion to more than 1.85 million residents for the 2020 tax year, totaling nearly $2.2 billion.
But the timing for the new benefit is expected to be similar to last year.
By mid-August, letters are expected to go out to homeowners and renters for whom the Division of Taxation has eligibility information. The letters are expected to say those taxpayers will not need to apply and they will receive their benefits automatically. Last year, that covered more than 1.3 million residents.
Most of those who don’t receive the letter will instead receive application packets in the mail — green for homeowners and purple for renters. If the state follows last year’s calendar, those would start to arrive at the end of August.
If you don’t receive a packet, you’ll be able to apply online once the ANCHOR website goes live for the 2021 benefit year. That system will tell you whether your application has been filed and if the benefit was paid or is still pending.
Some taxpayers, though, may need to file a paper application. Those would include people who had a name change, a change in marital status or a change in living situations, among others. You’ll be able to download the paper application from the state website after the state adds the 2021 forms. Most eligible residents last year were told they’d probably get their payments by Nov. 1, which was notable because that was six days before an election in which all 120 seats in the state Legislature, controlled by Democrats, were up for grabs.
The first ANCHOR payments last year were made by direct deposit on October 12. Ensuing payments were released in waves after that, both by check and by direct deposit.
The ANCHOR payment could be in for a big change next year as it is coordinated with the state’s other property tax breaks — the Senior Freeze and the new Stay NJ benefit. That benefit isn’t scheduled to make its first payouts until 2026, but before that can happen, it will need to be funded next summer in the next state budget.
