The $1,750 stimulus payment is part of New Jersey’s ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) program, providing property tax relief to eligible homeowners and renters.
Payments start rolling out in December 2024, offering significant financial support for residents facing high housing costs.
Here’s everything you need to know about the program, from eligibility and payment schedules to tips for maximizing benefits.
Overview of the ANCHOR Program
What Is the ANCHOR Program?
The ANCHOR program replaces New Jersey’s previous Homestead Rebate system, designed to provide property tax relief to homeowners and renters.
It is a response to New Jersey’s high property taxes, focusing on middle-income households while expanding eligibility to renters.
| Detail | Information |
|---|---|
| What Is It? | A New Jersey-specific property tax relief program. |
| Who Qualifies? | Homeowners (up to $250,000 income) and renters (up to $150,000 income). |
| Payment Amount | Up to $1,750 for homeowners; up to $450 for renters. |
| Application Deadline | November 30, 2024 (for this payment cycle). |
| Payment Timeline | Begins in December 2024 and continues into early 2025. |
Eligibility Criteria
Homeowners
Homeowners must meet the following criteria:
- Income Limits:
- Up to $150,000: Eligible for $1,500.
- $150,001–$250,000: Eligible for $1,000.
- Residency: Must have owned and lived in their home as of October 1, 2023.
Renters
Renters are eligible if they:
- Earn up to $150,000 annually.
- Rented and resided in New Jersey as of October 1, 2023.
Income Tiers and Benefits
| Category | Income Range | Benefit Amount |
|---|---|---|
| Homeowners Tier 1 | Up to $150,000 | $1,500 |
| Homeowners Tier 2 | $150,001–$250,000 | $1,000 |
| Renters | Up to $150,000 | $450 |
How to Claim the $1,750 Stimulus
Application Process
The application window for the 2024 cycle closed on November 30, 2024. For those who submitted their applications, here’s what to expect:
- Confirmation: Applicants should have received confirmation of their submission. Keep this for your records.
- Verification: The state will verify income, residency, and other details.
- Payment Methods: Payments will be made via:
- Direct Deposit: Faster for applicants who provided bank details.
- Paper Checks: Mailed to the address on file.
If you missed the deadline, monitor announcements for the 2025 ANCHOR program.
Payment Timeline
Payments will roll out starting December 2024, continuing into early 2025. Most recipients can expect their payments by February 2025.
Distribution Methods
- Direct Deposit: For applicants with banking details on file, this is the fastest option.
- Paper Check: Sent via mail. Ensure your address is accurate to avoid delays.
Examples of Benefits
Homeowner Scenario
John and Sarah, with a combined income of $140,000, qualify for a $1,500 payment. Their annual property taxes total $9,000, meaning this payment offsets 16.7% of their tax bill.
Renter Scenario
Maria, earning $50,000 annually, qualifies for the $450 renter payment. While modest, it helps offset her rising utility and living expenses during the winter.
Practical Tips
- Update Records: Ensure the state has your accurate mailing address and bank details.
- Track Payments: Use the ANCHOR portal to monitor your payment status.
- Plan Ahead: If you missed this year’s cycle, set reminders for the next application period.
- Seek Assistance: Local tax advisors can help maximize your benefits and navigate future applications.
