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ANCHOR Program Delivers Record-Breaking $2.1 Billion in Property Tax Relief to NJ Residents
New Jersey's ANCHOR initiative sets a new benchmark in property tax relief, aiding over 1.8 million homeowners and renters with substantial financial benefits.
NEW JERSEY: The Affordable Communities for Homeowners and Renters (ANCHOR) program has reached a new milestone, distributing over $2.1 billion in property tax relief to more than 1.8 million New Jersey residents. This achievement marks ANCHOR as the largest property tax relief program in the state's history.
In the latest filing season, covering the 2020 tax year, the program provided benefits to over 1.2 million homeowners and approximately 579,000 renters. Homeowners received over $1.8 billion, while renters were awarded over $278 million in benefits. The benefit amounts varied, ranging from $450 to $1,750, depending on various factors including income and age, with an additional $250 available for qualifying individuals over 65.
The program's expansion from the 2019 to the 2020 tax year saw an increase of over 200,000 beneficiaries, including more than 60,000 homeowners and 141,000 renters. This growth surpassed the 2008 Homestead Rebate program, which had previously set the record for the most substantial property tax relief distribution at $2.08 billion.
Governor Murphy, emphasizing the program's significance, stated, “ANCHOR is helping to make New Jersey more affordable for nearly two million households who need and deserve this relief.”
State Treasurer Elizabeth Maher Muoio praised the Division of Taxation for their dedication to processing applications and ensuring timely benefit distribution. The Division implemented an automatic filing initiative and mailed applications to two million residences, enhancing the program's reach and convenience.
Senate President Nick Scutari and Assembly Speaker Craig Coughlin highlighted the program's success in providing unprecedented tax relief and addressing affordability in the state.
To further amplify outreach, the ANCHOR Outreach Team, consisting of 300 professionals, conducted door-to-door visits and attended community events, offering in-person services, application assistance, and language support.
The Division of Taxation encourages individuals with unresolved issues or those yet to receive benefits to contact the ANCHOR hotline or visit a Regional Information Center for assistance.
