New Jersey residents have until the end of January to apply for a tax relief program that could return up to $1,500.
The application for the Affordable New Jersey Communities for Homeowners and Renters program, or ANCHOR, has been set for Jan. 31 of next year.
Homeowners with incomes up to $150,000 will be eligible to receive $1,500 in relief, while homeowners making between $150,000 and $250,000 annually will be eligible to receive $1,000, according to Northjersey.com. Renters are also eligible for this program, but they will only be eligible to receive $450 if they make less than $150,000 annually.
New Jersey Senate President Nicholas Scutari said the government is making use of resources to provide homeowners and renters with direct financial assistance that can alleviate several burdens.
“For the residents of New Jersey, affordability is the most pressing issue, and property taxes are the greatest burden,” Scutari said. “Extending the deadline will give our residents a greater ability to take advantage of a program that will help make their lives more affordable.”
The deadline for applications was originally set for Dec. 31 but was pushed back a month to allow as many people eligible to apply.
Scutari, Gov. Phil Murphy (D-NJ), and Assembly Speaker Craig Coughlin have been embarking “on an aggressive advertising and marketing campaign” to ensure people are aware of the program, the three of them announced in a statement.
The eligibility of New Jersey homeowners and renters requires them to have occupied their primary residences on Oct. 1, 2019, and for them to file or be exempt from New Jersey income taxes.
Homeowners interested in applying can do so online, over the phone, or by submitting paper applications printed and sent in by mail. Renters will have similar options to apply but cannot do so over the phone.
The payments from the ANCHOR program will begin being sent out in late spring 2023. Applicants will receive these payments as either direct deposits or checks.