14 Dec Will there be an ANCHOR benefit for 2021?

Q. Will there be ANCHOR benefit program for the tax year 2021 next year, and if yes when is it likely to start?
— Need the cash.

A. The payments going out now are for the 2020 year because the benefit works a few years behind the real calendar.

So what about a 2021 benefit?

We hope so, but we don’t know yet.

The benefit is funded annually with the state budget, and we won’t have a new budget until the summer of 2024.

It’s reasonable to imagine that lawmakers on both sides of the aisle won’t want to take the benefit away, especially as the state’s property taxes remain a political hot button.

But we just don’t know yet.

We would learn whether ANCHOR is funded for the 2021 tax year in the summer of 2024, and we expect the payments, like the most recent benefit, will also largely be paid out by Nov. 1.

So stay tuned.

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This story was originally published on Dec. 14, 2023.

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