16 May Will there be an ANCHOR benefit this year?

Q. Do we have any updates on whether there will be an ANCHOR payment next year?
— Taxpayer

A. The ANCHOR property tax benefit is funded with each year’s budget.

The most recent payment was for the 2020 tax year, so the next one would be for the 2021 tax year.

It won’t be funded until the budget, which is currently being negotiated, is finalized. July 1 is the date by which it must be completed.

We expect the benefit will be funded, though, at the same levels as last time, where homeowners would get $1,500 and renters would get $450, with seniors getting an additional $250. We also expect the applications for the benefit will start in August, with the Treasury Department for the second year in a row applying automatically for many who are eligible.

Then we expect the benefits would largely be paid out in November.

Stay tuned!

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This story was originally published in May 2024.

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