Homeowners and renters in New Jersaey are eagerly awaiting news on when the next ANCHOR property tax benefit is coming.
While there’s no official word yet, based on past payments, it should be very soon.
Eligible homeowners will receive up to $1,500 and qualifying renters will get $450, and senior homeowners and renters will be paid an extra $250.
Last year, on Aug. 15, the state Treasury Department sent notification letters telling some 1.3 million residents that their applications for ANCHOR would be filed automatically. That was the kick-off for that year’s ANCHOR season.
If you don’t receive the letter, you may instead receive an application packet in the mail — green for homeowners and purple for renters — which last year were sent out at the end of August.
Those who don’t receive a packet will be able to download the paper application from the state website once the ANCHOR website is updated for the 2021 benefit year. Residents can then also check the website to see whether their application has been filed and if the benefit was paid or is still pending.
If your situation has changed, such as if you had a name change, a change in marital status or a change in living situations, you probably need to file a paper application.
Then it will be time to look out for your payment. Last year, the state said most people would get their payments by Nov. 1, which was notable because it was just six days before an election in which all 120 seats in the state Legislature, controlled by Democrats, were up for grabs.
The first ANCHOR payments were made by direct deposit on Oct. 12. Then the Treasury Department continued sending out new rounds of payments, both by check and by direct deposit.
For the 2020 benefit year, the state paid out nearly $2.2 billion to more than 1.85 million residents.
There could be big changes for the ANCHOR benefit next year as it is coordinated with the state’s other property tax breaks — the Senior Freeze and the new Stay NJ benefit for seniors. That benefit isn’t scheduled to make its first payouts until 2026, but before that can happen, it will need to be funded next summer in the next state budget.
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