07 Aug How long do you have to live in N.J. to get ANCHOR?

Q. How long do you have to live in New Jersey to apply for the ANCHOR program?
— Jersey girl

A. The ANCHOR program provides property tax relief for residents who qualify.

The first round of benefits was for the 2019 tax year.

To qualify, homeowners with income of $150,000 or less received $1,500, homeowners with income of more than $150,000 and up to $250,000 received $1,000, and renters with income of $150,000 or less received $450.

You also had to have owned or rented your principal residence — second homes don’t qualify — as of Oct. 1, 2019.

There were no age limitations.

For the benefit that will be paid in 2024, which is for the 2020 tax year, there are some changes: more money for residents.

This year’s budget gives a $250 increase in payments, so renters with income of $150,000 or less will get $700 a year, homeowners making less than $150,000 will get $1,750 and those making between $150,000 and $250,000 would get $1,250.

The residency requirement would follow the year before and be Oct. 1, 2020.

The state hasn’t offered up applications yet, but we’ll keep an eye out.

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This story was originally published on Aug. 7, 2023.

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