Press Release 9/22/22
19th DISTRICT – In helping develop the fiscal ’23 state budget this spring, the 19th district state legislators focused on a new program that would provide significant tax rebates to both residential property owners and tenants in New Jersey.
Working across party lines, Sen. Joe Vitale, Assembly Speaker Craig Coughlin and Assemblywoman Yvonne Lopez (D-19th Dist.) were vocal advocates for the new, $2 billion state program, known as ANCHOR, which stands for “Affordable New Jersey Communities for Homeowners and Renters.” Gov. Phil Murphy incorporated ANCHOR into the fiscal ’23 budget in June.
To qualify for ANCHOR, there are income guidelines. The program will provide up to $1,500 to homeowners with 2019 gross incomes up to $150,000, and up to $1,000 for those with gross incomes of between $150,000 and $250,000 in that year.
ANCHOR is also an important program for the tenants, who can receive $450 if their gross income was $150,000 or less in 2019.
Rebate applications are being sent to eligible residents on a rolling basis through the end of September. If you have not received an application, please call the ANCHOR Hotline at (888) 238-1233. Taxpayers can apply online or by phone at (877) 658-2972 once they receive the application.
“It is critical, now more than ever, that we prioritize making New Jersey more affordable,” Vitale said. “Providing direct property relief to our residents is a meaningful way to keep money in people’s pockets. I applaud Governor Murphy, Senate President Scutari, and Speaker Coughlin for their leadership.”
The ANCHOR program expands on and replaces the Homestead Rebate Program, which serves 470,000 homeowners annually and provides an average benefit of $628. Renters are not eligible for the current Homestead program, but ANCHOR recognizes that rents are often raised to offset rising property taxes. ANCHOR will make over four times more New Jerseyans eligible to receive a property tax rebate when compared with Homestead.
Under the program, the state is preparing to provide rebates for up to two million taxpayers in the current state budget, with an average check of $971.
The average New Jersey property tax bill was approximately $9,300 in 2021. ANCHOR’s direct property tax relief rebates could offset over 16 percent of the average property tax bill in New Jersey for some homeowners. For a middle-class family receiving the $1,500 in direct relief, the average bill will effectively become $7,800, a property tax level New Jersey has not seen since 2012.
“With $1,500 and $1,000 in direct property tax rebates for homeowners and $450 for renters, more than two million New Jerseyans will see money back in their pockets – relief they will be able to count on into the future and relief that builds on the existing 14 tax cuts enacted since 2018, which together affirm our commitment to position all of New Jersey as a more affordable place to live,” Coughlin said.
State lawmakers have instructed treasury officials to create a simplified method for distributing the rebates to qualified residents. There are some important deadlines of which homeowners and renters in the 19th Legislative District need to be made aware.
“Providing $2 billion in direct property relief to New Jerseyans is a significant step in addressing the affordability of our state,” Lopez said. “As inflation continues to drag the economy, I am proud to join my Assembly colleagues, especially Speaker Craig Coughlin, in providing immediate assistance to our residents during a time when they need it most.”
To receive payment – expected to arrive by May of next year – it is imperative that all eligible residents apply by the state’s December 30 deadline, she added.
