19 Sep What are the income limits for N.J.’s property tax savings programs?

Q. What are the income limits for the ANCHOR and Homestead Rebate programs gross or net? Who qualifies?
— Homeowner

A. Great question.

Let’s go over the details.

ANCHOR, which stands for “Affordable New Jersey Communities for Homeowners and Renters,” has replaced the Homestead Rebate program.

The filing deadline for ANCHOR — the current benefit covers the 2019 tax year — is Dec. 30, 2022, said Neil Becourtney, a certified public accountant and tax partner with CohnReznick in Holmdel. The filing deadline for the 2018 Homestead Benefit was Nov. 30, 2021, he said.

Becourtney said a New Jersey resident who owned and occupied a home in the state that was their principal residence on Oct. 1, 2019, paid property taxes on that home and had 2019 New Jersey gross income of $250,000 or less is eligible.

So directly to your question, it’s gross income that matters.

There are additional rules for a tenant to qualify for an ANCHOR benefit, he said.

You must have been a New Jersey resident, your 2019 New Jersey gross income must not have exceeded $150,000 and you must have rented and occupied a residence in the state that was your principal residence on Oct. 1, 2019, he said. Also, your name must be on the lease or rental agreement, your rent must be paid and the property must be subject to local property taxes, he said.

Applications started to be emailed on Sept. 13, while paper applications will start on Sept. 19. They will be sent out on a rolling basis through Sept. 30, the state Treasury Department said. You can see the mailing schedule here.

If you haven’t yet received your application, give it 10 days after your county’s mailing date, the Treasury Department said. Then you can call the ANCHOR Hotline at (888) 238-1233 for help.

Once you receive the application, you can apply online or by phone at (877) 658-2972.

Benefits are expected to be paid out by May 2023, the Treasury Department said.

Email your questions to .

This story was originally published on Sept. 19, 2022.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.