06 Dec Will there be an ANCHOR benefit for 2021?

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

A. Millions of New Jersey residents have been receiving their ANCHOR property tax benefit.

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.

As for when it would start, this year, the state promised to make payouts by Nov. 1, and it kept the promise for most. Those who haven’t yet received the benefit probably have a few questions to answer for the state Treasury as it checks eligibility.

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.

Email your questions to .

This story was originally published on Dec. 6, 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.