25 Feb What are the income cutoffs for the ANCHOR benefit?

Q. I will be stopping work soon. I live in New Jersey, and my wife and I file our taxes jointly. We own a home in Monmouth County. What is the income ceiling we need to remain under in order to apply and participate in the ANCHOR property relief program for 2024? For 2025?
— Taxpayer

A. It’s a great question.

First, you need to remember the state’s property tax benefits are funded in each fiscal year’s budget. The one to fund the current ANCHOR benefit, which is for the 2024 tax year, will be part of the budget to be finalized by July 1, 2025.

As of now, the ANCHOR benefit income limits are the same as last year’s benefit.

Homeowners get the maximum $1,500 if they earn $150,000 or less. You’d get $1,000 if you earn $250,000 or less. If you’re a senior, for either income level, you’d also get a $250 benefit.

As for what the income levels will be for the 2025 benefit, we just don’t know yet. Many expect it will be the same, but it’s also important to note that the state budget has a structural deficit, which means to fully fund everything, we’d have to dip into the state’s surplus.

Gov. Phil Murphy’s will give his annual budget speech on Tuesday. Feb. 25, so we’ll learn more about his goals. And then in the months that follow, we’ll see what the Legislature decides to do.

Stay tuned.

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This story was originally published in February 2025.

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