What will my ANCHOR payment be for 2023?

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Q. What is my ANCHOR payment for 2023? We are seniors married and rented an apartment with income under $40,000 and have received a payment of $700 this year.
— Renter

A. The ANCHOR property tax benefit is supposed to help homeowners and renters manage the high cost of living in New Jersey.

Let’s make sure you understand what benefits are paid out — and when.

The current benefits sent out by the Treasury Department are for the 2020 tax year. 2019 was the first benefit year for ANCHOR, which replaces the Homestead Rebate.

So how much will the 2023 tax year benefit be?

It depends. The funding for ANCHOR is decided with each state budget, so we don’t yet know what will happen for 2023.

You said you’re a renter and you’re a senior, and that you received $700 for ANCHOR.

That sounds correct. Eligible renters for the 2020 benefit year will get $450, and seniors get an extra $250.

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This story was originally published on Nov. 15, 2023.

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