We moved to N.J. in 2022. Can we get the ANCHOR rebate?

Photo: pixabay.com

Q. We moved into New Jersey in 2022 and bought our house on July 15, 2022. How can we receive the ANCHOR rebate? We are 78 and 79.
— Homeowner

A. Welcome to New Jersey.

Age is not an eligibility requirement but there are income limits.

And importantly, timing matters.

This very first offering of the ANCHOR program is open to New Jersey homeowners and renters who resided in the state in 2019, said Ann Marie Perry, a certified public accountant with Peapack Private Wealth Management in Summit.

“Unfortunately, since you just moved here in 2019, you would not be eligible this year,” she said.

For those who lived here and did file a 2019 Form NJ-1040, the New Jersey gross income on line 29 determines a taxpayer’s eligibility for the ANCHOR property tax rebate, Perry said.

“Homeowners with income of $150,000 or less will receive $1,500,” she said. “Those that make more than that, but below $250,000, will receive $1,000.”
Renters with income of $150,000 or less will also benefit with a payment of $450, she said.

“Checks are expected to be mailed out in late Spring 2023, but no later than May 2023,” she said. “However, since you just moved to New Jersey in 2022, you would not be eligible for this program this year.”

The deadline to apply for the current benefit year, after being extended twice, is Feb. 28.

Email your questions to .

This story was originally published on Feb. 28, 2023.

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.