ANCHOR Program

What is the ANCHOR Program, and who should apply?

The Affordable New Jersey Communities for Homeowners and Renters, or ANCHOR program provides tax relief to residents who own or rent property in the state. Eligibility is based on residency, income, and age. A detailed list of eligibility requirements for the ANCHOR Program can be found at: https://www.nj.gov/treasury/taxation/anchor/eligibility.shtml

 

What benefits are available?

Qualifying homeowners making less than $150,000 will receive $1,500, and those making between $150,001 and $250,000 will receive $1,000.

Qualifying renters making less than $150,000 will receive $450. Seniors are eligible for additional benefits, so those sixty-five or older as of 2020 will receive an additional $250.

How does the application process work?

ANCHOR benefits are based on the taxes an applicant paid two years prior. For example, the 2023 ANCHOR benefits were determined by the taxes paid in 2020. In most cases, applicants can file for benefits online at: https://www1.state.nj.us/TYTR_Saver/jsp/common/HBWelcome.jsp However, if an applicant shared ownership of the primary residence with someone other than a spouse, resided in a unit of a multiunit property they owned, received information in the mail about the program with incorrect name information, if the applicant is a surviving spouse or civil union partner and the property deed still contains the

deceased’s name, or if the property they are filing for is held in trust, they must complete a paper application. The application deadline for 2020 ANCHOR benefits was December 29, 2023. Paper applications can be found at: https://www.nj.gov/treasury/taxation/anchor/forms.shtml .

 

Can someone apply for the ANCHOR Program and other tax relief programs in the same year?

Yes. Applicants can file for the ANCHOR Program and Senior Freeze in the same year and receive benefits from both programs if they meet the requirements for each program. Starting in 2025, there will be a new program called Stay NJ for seniors. The application for Stay NJ will be a consolidated version of the application for ANCHOR, Stay NJ, and Senior Freeze. The benefits they receive will be a comparison between your calculated Stay NJ benefit and the combination of their calculated ANCHOR and Senior Freeze benefits, and they will receive the higher of the two, not exceeding the $6,500 cap.

 

What if the property had multiple owners?

Applicants can still qualify for the ANCHOR Program if their primary residence is shared. If they owned the property with your spouse, they are considered one owner and may file a joint application. If an applicant owned the property with someone other than their spouse, you could each file a paper

application with your name and indicate that the property was shared, making sure to state your proportion of ownership. If you owned the property on October 1, 2020, with someone you married after December 31, 2020, you must file in accordance with your tax status for 2020 and submit separate applications, as you are considered multi-owners. If you own the property with someone you married between October 1, 2020, and December 31, 2020, you should file a joint application if you do not require a name change. If a name change is required, you must file a paper application and include legal documents with your correct name, such as your marriage certificate.

 

Additional information

For questions or more information about the ANCHOR Program, please visit https://www.nj.gov/treasury/taxation/anchor/

 

Sources https://www.nj.gov/treasury/taxation/anchor/forms.shtml https://www.nj.gov/treasury/taxation/anchor/calculated.shtml