26 Apr Why is the ANCHOR property tax rebate for 2019?

Q. Why does the ANCHOR rebate start for 2019? We haven’t had a Homestead Rebate since 2018. It is now 2023. Are New Jersey residents going to be able to claim 2020, 2021, and 2023?
— Homeowner

A. The ANCHOR property tax rebate, as you noted, is for the 2019 tax year.

It replaces the Homestead Rebate, which is why you haven’t had once since the 2018 tax year.

Both of these benefits run a few years behind.

ANCHOR’s first year was for the 2019 tax year and was paid out in 2023.

The benefit for the 2020 tax year is part of budget proposals being hammered out in Trenton, but most believe it will be approved as part of the final budget.

Applications for the 2020 benefit year are expected to be available in October 2023.

As for the future of the benefit? Each one will have to be funded through the state budget, and for now, it’s being funded one year at a time.

But given its popularity, it’s hard to imagine it would vanish, though eligibility — which was expanded for ANCHOR compared to what the Homestead Rebate was — could change with each year’s approval.

So, Jersey, we will have to wait and see.

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This story was originally published on April 26, 2023.

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