17 Feb I was a homeowner but now I rent. What happens to ANCHOR?

Q. What does happen to ANCHOR benefits for 2022 and 2023? Also, I was a homeowner in both those years but in October 2024 I gifted my home and now pay rent. Very big difference in the benefit amount. Where do I stand?
— Taxpayer still

A. Lots to unpack in your question.

First, on the benefit years, let me direct you to this story, which explains the history and why the benefit years have been different from the current fiscal year.

What it means will depend on future funding. If the Legislature funds ANCHOR each year, people will get a check each year so for most people, it won’t feel much different. But by making the current ANCHOR benefit year set for 2024, those who may have been eligible for a higher benefit for 2022 and 2023 simply won’t get it.

As you suggested, there is a big difference in benefit amounts for homeowners and renters, with senior homeowners getting as much as $1,750 and renters getting $700.

October 1 of the benefit year is the key date here.

To be eligible for ANCHOR as a homeowner, you’d have to meet the income requirements, and own and live in your home as of Oct. 1, 2024.

For Senior Freeze, though, you must have owned and lived in your home since Dec. 31, 2020, or earlier, and still have owned and lived in that home on Dec. 31, 2024.

So for you, it seems you’re out of luck for Senior Freeze. On ANCHOR, it will depend on what date you gifted your home.

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This story was originally published in February 2025.

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