18 Jul Do I need to apply for the Homestead Rebate every year?

Q. I applied for the first time in 2021 for the Homestead Rebate and received the credit last month on my property tax bill. Do I need to reapply every year or is it automatic?
— Homeowner

A. Very few benefits are automatic.

The Homestead Rebate program requires you to file annually to receive this benefit.

But now, a new program called the Affordable New Jersey Communities for Homeowners and Renters, or ANCHOR, will expand on and replace the Homestead Rebate program.

The property tax rebate is tied into your New Jersey gross — personal — income tax filings, said Neil Becourtney, a certified public accountant and tax partner with CohnReznick in Holmdel.

“Under the ANCHOR program, homeowners would be eligible for an average first year rebate of $700 if income does not exceed $250,000,” he said. “In late June, with the June 30 budget adoption deadline approaching, the governor announced an expansion of the ANCHOR program proposal with tax rebates of $1,500 for those with income up to $150,000 and tax rebates of $1,000 for incomes of $150,000 to $250,000.”

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This story was originally published on July 18. 2022.

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