18 Jan I’m a new resident of N.J. Do I qualify for any tax breaks?

Q. I was a homeowner October of 2021. Are there any tax rebates that I may apply for?
— Taxpayer

A. Welcome to New Jersey.

It all depends on your age, income and other qualifications.

First, there’s the Senior Freeze, which reimburses eligible senior citizens and disabled persons for property tax or mobile home park site fee increases on their principal residence.

Total annual income is combined if you were married or in a civil union and lived in the same home, the state Division of Taxation says.

Beginning with the 2023 filing season, a new law increased the income limit for the program to $150,000. It also eliminated the requirement that an applicant must be a New Jersey resident for 10 consecutive years.

The application deadline, though, has passed for this benefit year.

Then there’s the ANCHOR benefit. The state just finished taking applications for the 2020 tax year, so this summer you can expect to see the application for the 2021 tax year.

There are eligibility requirements, too.

Under current law — unless there is a change when the state budget is negotiated in the summer — homeowners must have owned and occupied their New Jersey home as a primary residence as of Oct. 1, 2020 and have up-to-date property tax payments to qualify.

Thanks to an extra $250 boost for seniors for this specific benefit only, eligible homeowners who are 65 older and who earn $150,000 or less will receive $1,750. Those who are 65 or older and earn between $150,001 and $250,000 will receive $1,250.

Homeowners under age 65 who earn $150,000 or less will receive $1,500. Those who are under age 65 who earn between $150,001 and $250,000 will receive $1,000.

Homeowners who earn more than $250,000 do not qualify.

Renters whose names have been on the lease or rental agreement and who have occupied their principal residence on Oct. 1, 2020 may qualify. The rental property also must have been subject to local property taxes.

Renters who are 65 or older and earn less than $150,000 will receive $700. Renters who are 64 and under will receive $450.

Renters who earn more than $150,000 do not qualify.

The income limits and benefit amount could change going forward, so keep your eye out.

There are also some veteran tax benefits worth looking at, if you have served.

Because eligibility for tax benefits is very specific, you may want to meet with a certified public accountant who specializes in New Jersey law could save you lots of dollars going forward.

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This story was originally published in January 2024.

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