06 Jul Is the ANCHOR property tax break going higher?

Q. My property taxes are too high. Is the ANCHOR benefit going up?
— Homeowner

A. Yes, indeed.

If you qualify for the ANCHOR benefit, a property tax rebate program that replaced the Homestead Rebate last year, you should receive a larger benefit next time.

The benefit is going up by $250 to $700 for renters and up to $1,750 for homeowners, based on income levels..

But a larger benefit coming, again, if you qualify, is a new program called StayNJ, set to start in the first quarter of 2026.

Seniors who have income of less than $500,000 would get a 50% credit on their property tax bills for their primary residences, similar to how the Homestead Rebate credits were given. There’s a cap on savings of $6,500 a year, and it would be indexed, possibly creeping higher as property taxes rise over time.

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This story was originally published on July 6, 2023.

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