Savings

What are the income limits for NJ Property Tax Savings Programs?

Q. What are the gross or net earnings limits for the ANCHOR and Homestead Rebate programs? Who is eligible?

– Owner

A. Excellent question.

Let’s review the details.

ANCHOR, which stands for Affordable New Jersey Communities for Homeowners and Renters, replaced the Homestead rebate program.

The filing deadline for ANCHOR — the current benefit covers the 2019 tax year — is December 30, 2022, said Neil Becourtney, chartered accountant and tax partner at CohnReznick in Holmdel. The 2018 Homestead benefit filing deadline was November 30, 2021, he said.

Becourtney said a New Jersey resident who owned and occupied a home in the state that was their principal residence on October 1, 2019, paid property taxes on that home, and had a gross income of $250,000 or less in the New Jersey in 2019 is eligible.

So directly to your question, it’s the gross income that counts.

There are additional rules for a renter to qualify for an ANCHOR benefit, he said.

You must have been a resident of New Jersey, your New Jersey gross income in 2019 must not have exceeded $150,000, and you must have rented and occupied a residence in the state that was your principal residence on October 1, 2019, a he declared. Additionally, your name must be on the lease or tenancy agreement, your rent must be paid, and the property must be subject to local property taxes, he said.

Applications began to be sent by email on September 13, while paper applications will begin on September 19. They will be sent continuously through September 30, the state Treasury Department said. You can see the shipping schedule here.

If you haven’t received your request yet, give it 10 days from the date your county mailed it, the Treasury Department said. Then you can call the ANCHOR Helpline at (888) 238-1233 for assistance.

Once you have received the application, you can apply online or by phone at (877) 658-2972.

Benefits are expected to be paid by May 2023, the Treasury Department said.

Send your questions to [email protected].

Karin Price Mueller writes the Bamboos column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. To find NJMoneyHelp on Facebook. Register for NJMoneyHelp.comit is weekly e-newsletter.