How Much Will the ANCHOR Benefit Be in New Jersey for 2024?

Introduction

The ANCHOR program is a property tax relief program for homeowners in New Jersey. The program was created in 2020, and it has been expanded in recent years. The ANCHOR benefit will increase in 2024, and it is expected to provide significant relief to homeowners in New Jersey.

How Much Will the ANCHOR Benefit Be in 2024?

The ANCHOR benefit will increase to $1,500 for the 2024 tax year. This is an increase of $250 from the 2023 tax year. The benefit is available to homeowners who meet certain income requirements. For 2023, the income limit is $150,000 for single filers and $300,000 for married couples filing jointly.

Who is Eligible for the ANCHOR Benefit?

To be eligible for the ANCHOR benefit, you must meet the following requirements:

• You must own and occupy your home as your primary residence.
• Your annual household income must be below $150,000 for single filers or $300,000 for married couples filing jointly for the 2023 tax year. For 2024, the income limit will increase to $180,000 for single filers and $360,000 for married couples filing jointly.
• You must have paid property taxes on your home for the 2023 tax year. For 2024, you must have paid property taxes for the 2024 tax year.

How to Apply for the ANCHOR Benefit

You can apply for the ANCHOR benefit online or by mail. The online application is available on the New Jersey Department of Treasury website. The mail-in application can be found in the 2023 Property Tax Reimbursement Application booklet. The deadline to apply for the ANCHOR benefit is October 31, 2023.

Conclusion

The ANCHOR program is a valuable property tax relief program for homeowners in New Jersey. The program will provide even more relief in 2024 with the increase in the benefit amount. If you meet the eligibility requirements, you should apply for the ANCHOR benefit to save money on your property taxes.

How Much Is The Anchor Benefit In Nj For 2024