ANCHOR Property Tax: New Jersey Residents Set to Receive Property Tax Rebates Just Prior to Election

Anchor property tax rebate recipients in New Jersey might get a second payment later this year, just days before the state’s 120 legislative seats are up for election.

Gov. Phil Murphy, a Democrat, called the decision “welcome news” for millions of Garden State residents, but his opponents blasted the timing as “convenient” and argued that the faster payouts are intended to sway votes toward Murphy’s party in November.

On Wednesday, the state’s Division of Taxation reported that it had begun mailing messages to more than 1.3 million taxpayers who got an Anchor award this spring, requesting them verify their addresses and banking details.

Eligibility Information Not Changed

The Division of Taxation recognized over 1.3 million of the 1.7 million ANCHOR grantees from the previous season whose eligibility information has not changed, as reported by the Treasury. The remaining 400,000 individuals falling into this category were classified as follows:

• Filing characteristics altered between 2019 and 2020, such as income or residence changes, purchasing a home rather than renting, and so on.
• A modification in property ownership occurred, or
• There was a death, marriage change, banking change, or other verification issue that prohibited the Division of Taxation from ensuring that all information from the previous season was correct.

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How Much Tax Rebate Will Receive?

The funds for the second year of the program are likely to be issued by Nov. 1, a mere six months following the first and a week before all 120 legislative seats are up for grabs.

Over 1.7 million tenants and homeowners registered for and got payments ranging from $450 to $1,500 within the 2019 tax year program last year.

ANCHOR took the place of the Homestead Benefit. Over 870,000 residents with incomes up to $150,000 will be eligible for $1,500 in assistance; over 290,000 people who have incomes above $150,000 but less than $250,000 will be eligible for $1,000; and more than 900,000 tenants with earnings up to $150,000 will be eligible for $450 to assist with offset rent increases.

This year, elders will receive an extra $250.

Source: NEWJERSEYMONITOR, THERECORDviaMSN

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