What’s the ANCHOR application deadline?
This year’s deadline to file a new application is November 30.
How Much Will You Get?
He said this year’s ANCHOR payments are unchanged and are based on the 2021 tax year.
Renters will receive $450, and homeowners will get $1,000 or $1,500, depending on income, he said.
Homeowners with annual incomes up to $150,000 are eligible for $1,500, and those making between $150,000 and $250,000 can receive $1,000. All approved ANCHOR applicants who are more than 65 years old will receive an additional $250.
Michael Hayes, an associate professor of public policy and public administration at Rutgers University, Camden, said the ANCHOR program “makes sense.”
“Basically the state government is implicitly subsidizing local governments, by collecting state income taxes and then distributing that out to property owners and renters,” he said.
Lowering Property Taxes Isn’t Easy
Hayes pointed out that lowering property taxes in Jersey is not as simple as it might seem.
“That would be really difficult for the state, because the state doesn’t control property taxes, local governments do it. There are 600 municipalities in New Jersey, you would need 600 different programs, that’s probably a really high administrative cost to implement that,” he said.
He said getting this kind of relief “is not going to be a game changer, but it definitely is a meaningful amount.”