06 Dec My income is $125K. Do I qualify for the ANCHOR property tax break?
Q. I am a retiree and my combined household gross income is $125,000. Do I qualify for the ANCHOR property tax program? How can I get an application?
A. The ANCHOR property tax rebate program replaces the Homestead Rebate.
More people are eligible under ANCHOR, which is taking applications until Jan, 31, 2023.
You didn’t say whether you’re a homeowner or if you rent your home. Both are included.
Residents are eligible for the rebates according to their level of income, said Laurie Wolfe, a certified financial planner and certified public accountant with Peapack Private Wealth Management in Summit.
Homeowners with income of $150,000 or less will receive $1,500. Those that make more than that, but below $250,000, will receive $1,000. Finally, renters with income $150,000 or less will receive $450, she said.
You said your household gross income is $125,000, but you should understand how income is determined for the purpose of this program.
“The income for this filing is your 2019 income for New Jersey purposes,” Wolfe said. “If you filed a 2019 New Jersey income tax return, you would take the amount of line 29 of that form.”
For someone that was not required to file a return for that year because they were below the threshold for filing a return, a little math is required, Wolfe said.
New Jersey gross income is the sum of your wages, investment income, business income, retirement income, gambling winnings and alimony payments, she said.
To apply for this program, you should have received a postcard in the mail from New Jersey, which provides an online ID number and a PIN number. You will need these numbers to apply, Wolfe said.
If you did not receive the card and you had filed for the 2018 Homestead Rebate, you can look it up on the state’s website.
If you did not file for the Homestead Benefit for 2018 — filed in 2021 — you can call the hotline at (888) 238-1233.
Once you have your ID and PIN, you have three options for filing. The first is online, or you can call (877) 658-2972, or you can print out the application and mail it in, she said.
“The checks/direct deposits are anticipated to go out beginning late spring 2023, but no later than May 2023,” Wolfe said.
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This story was originally published on Dec. 6, 2022.
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