NEW Jersey residents should receive much-needed relief from the state’s notoriously high property taxes through the ANCHOR program.
This state program, now in its third year, aims to ease the financial burden on families across the state by offering significant discounts to both homeowners and renters.
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The ANCHOR program, short for New Jersey Affordable Communities for Homeowners and Renters, offers discounts of up to $1,750 to homeowners with annual incomes of less than $250,000.
Renters earning less than $150,000 are also eligible for discounts of up to $700.
“At a time when families are facing higher checkout prices, we are putting more money in their pockets than ever before,” said Governor Phil Murphy during a state budget presentation speech.
“Since it was introduced, the ANCHOR program has effectively reduced property taxes to levels that, in many cases, our families have not seen in a decade.”
Governor Murphy defended the program, calling it a “game changer” during an appearance on a local public radio station, WHY-FM News.
On the station’s Ask Governor Murphy program, Murphy highlighted how the program effectively lowers property tax levels by a decade or more, making it a vital support for many New Jerseyans.
In the 2024 state budget, which took effect on July 1, Governor Murphy allocated more than $2 billion to ensure the continuation of the ANCHOR program.
Those who participated in the program last spring – approximately 1.3 million homeowners and renters – will automatically be re-enrolled this year.
Discounts will be distributed starting in October, by check or direct deposit.
But perhaps the most crucial feature of the statistical program is automatic re-enrollment, according to Michael Hayes, assistant professor of public policy at Rutgers University-Camden.
Hayes noted that many residents are not always aware of the government programs they qualify for or when the programs may expire.
This makes automatic participation a crucial feature and an effective way to ensure that eligible individuals receive the benefits to which they are entitled.
Starting next week, the state Division of Taxation will send letters to 1.5 million residents to confirm their eligibility for this season’s ANCHOR benefits.
Payments will be issued on a rolling basis starting in November, with discounts ranging from $450 to $1,750, depending on income and other eligibility criteria.
“At a time when families are facing higher cash prices, we are putting more money in their pockets than ever before”
New Jersey Governor Phil Murphy
Last year, some applicants over 65 received up to an additional $250.
For those who have not yet applied, or whose details have changed since the last payment, the Division of Taxation has streamlined the application process on its website.
The deadline to register a new application is November 30th, and changes must be submitted by September 15th.
For more information, New Jersey residents can visit the ANCHOR program website or call the hotline at 609-826-4282 or 1-888-238-1233.
As the program is implemented, it promises to be a significant relief for both homeowners and renters, aiming to help offset the state’s high property taxes and bring financial stability to many families.
This story originally appeared on The-sun.com read the full story
