10 Oct When will I get the ANCHOR benefit?

Q. When will I get the ANCHOR benefit?
— Homeowner

A. With higher inflation, and always-too-high property taxes, it’s no surprise that you’re eager to get your benefit.

The pending payment, which is for the 2020 tax year, will pay an extra $250 for eligible seniors.

Homeowners 65 years or older earning $150,000 or less will receive $1,750. Those earning between $150,001 and $250,000 will receive $1,250.

Homeowners under the age of 65 earning $150,000 and under will receive $1,500 and those earning between $150,001 and $250,000 will receive $1,000.

Renters over the age of 65 who earn less than $150,000 will receive $700. Renters who are 64 and under will receive $450.

The state notified more than a million taxpayers earlier this year that they wouldn’t have to do anything to get the benefit unless their information has changed.

Those folks will get it first, with the state saying payments will go out around Nov. 1.

Other eligible taxpayers have to apply to get the benefit. You may have received an application booklet from the state, otherwise, you need to file online.

Those payments will be processed as they are received by the state, and assuming there are no questions about your application, you should get the payment within 90 days of your application, it said.

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This story was originally published on Oct. 10, 2023.

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