We earned less than $150K. Do we qualify for ANCHOR?

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Q. My wife and I earned less than $150,000 in 2019 and filed a joint tax return. Are we required to file any additional information to qualify for the $1,500?
— Homeowner

A. You won’t get the ANCHOR property benefit automatically.

If you’re eligible, you have to apply.

The program, short for the Affordable New Jersey Communities for Homeowners and Renters, replaces the Homestead Rebate.

Unlike the Homestead Rebate, there are no age restrictions. The state Treasury Department said up to 2 million taxpayers should get rebates with an average payout of $971.

This current year ANCHOR program covers 2019.

Homeowners who had 2019 gross incomes of up to $150,000 in that year will get up to $1,500. Those with gross incomes between $150,000 and $250,000 will get up to $1,000. Renters with 2019 gross incomes of $150,000 or less will receive $450.

You are considered a homeowner if you owned a house or condominium before Oct. 1, 2019 and paid property taxes. Those who were resident shareholders of a cooperative housing complex or a resident of a continuing care retirement community, where your contract requires you to pay property taxes on your unit, are also considered homeowners.

You are considered a renter if, on Oct. 1, 2019, you rented an apartment, condominium, house, or rented or owned a mobile home located in a mobile home park.

You should have received a mailer or email earlier this fall with information about the program, which will give you the ID number and PIN that you need to apply.

If you didn’t receive the mailer or email, you can get your PIN online if you applied for the Homestead Rebate last year. Or you can call the ANCHOR hotline at (888) 238-1233.

Once you have the ID and PIN, you can access the online filing system. First, input the ID and PIN. Then, select the electronic filing system link to complete the application online and you can upload the paper application with attachments. The other option is to download, print and mail the completed paper application with your additional documentation.

The mailing address is: ANCHOR Application, Revenue Processing Center, P.O. Box 636, Trenton, New Jersey 08646-0636

The deadline to apply is Jan. 31, 2023, and payments will go out in the late spring of 2023, but no later than May, the Treasury Department said.

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This story was originally published on Dec. 23, 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.