ANCHOR money is here, NJ! Up to $1,750 in bank accounts

⚫ According to NJ, ANCHOR payments will begin in October

⚫ The payout amount depends on your age/income/household type

⚫ An initial deadline for applicants has already expired

You can check your bank account daily for any sudden increase.

Payments related to the ANCHOR property tax relief program are scheduled to begin Oct. 1, according to a letter sent to New Jersey residents in August.

Millions of households are eligible to receive payments from the Affordable New Jersey Communities for Homeowners and Renters program. While many people still have about two months to make sure New Jersey Department of Revenue officials have all the correct information, others who have received payments in the past can expect to receive their payment very soon in 2024 if not has already happened.

The first recipients of the money should be those who have received ANCHOR benefits in the past and have not had to make any changes to their address or bank account since last year.

Previous recipients who needed to make these changes had until September 15 to do so.

SEE ALSO: Lowering New Jersey utility bills starting in October

According to the ANCHOR website, payments will “continue on a rolling basis” starting in early October.

Those who are newly eligible for an ANCHOR payment and those who have never applied for the benefit have until November 30 to submit their application.

Will I get paid?

This is the third year for the ANCHOR program in New Jersey. Last year's ANCHOR benefits, covering the 2020 tax year, totaled more than $2.1 billion. The payments were distributed to more than 1.8 million homeowners and renters.

This latest round covers the 2021 tax year. People who owned or rented a primary residence and earned $250,000 or less during the year are eligible for the benefits.

Homeowners who were under 65 and had a gross income of $150,000 or less were scheduled to receive $1,500. For homeowners age 64 and younger who brought in between $150,001 and $250,000, the payment drops to $1,000.

SEE ALSO: Groups say New Jersey rent is 'unsustainable' for many

Homeowners who were at least 65 years old in 2021 are scheduled to receive $1,750 if their gross income was $150,000 or less. The payment is $1,250 for senior residents who earned between $150,001 and $250,000.

The majority of renters receive $450. Renters who are at least 65 and make $150,000 or less per year will receive an additional $250.

Anyone with questions can call the ANCHOR hotline at 609-826-4282 or 1-888-238-1233. Personal assistance is available at a regional information center.

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