Nearly 2 Million NJ Households Eligible for Property Tax Relief Program
Governor Murphy visited Somerville, NJ today (12 May 2022) to highlight the ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) Property Tax Relief Program.
As part of the FY 2023 Budget Proposal, the ANCHOR program will distribute $900 million in property tax relief to nearly 1.8 million homeowners and renters across New Jersey.
Under the ANCHOR program, homeowners making up to $250,000 per year are eligible to receive an average rebate of nearly $700 in FY2023 to offset property tax costs. This new initiative makes millions of NJ residents eligible for property tax relief that were previously ineligible for the ANCHOR program.
Additionally, renters making up to $100,000 per year are eligible for a rebate of up to $250 to help defray the costs of rent increases due to property taxes.
“Housing is a human right. Though property taxes and rental costs are not set by the state, it is our responsibility as a state to ease the burden on residents who are simply trying to make ends meet and keep a roof over their heads," said Assemblywoman Sadaf Jaffer. "We want our communities to maintain stability and ensure that people are able to stay in their homes they’ve built over a lifetime, in communities they’ve invested in over generations”
In March of this year, the Governor proposed a three-year ramp-up for the ANCHOR program. By FY2025, property tax rebates provided through ANCHOR would reach up to $1,150 on average per eligible household, with an annual State investment in the program up to $1.5 billion.
The ANCHOR program expands on and replaces the Homestead Rebate Program, which served 470,000 homeowners annually and provided benefits of $626 to those eligible. Renters were not eligible for the Homestead program, but ANCHOR recognizes that rents are often raised to offset property tax hikes.
Therefore, the new ANCHOR program will make nearly four times more New Jerseyans eligible to receive a property tax rebate, compared to the Homestead program.