ANCHOR money is here, NJ! Up to $1,750 hitting bank accounts

⚫ NJ says ANCHOR payments begin in October

⚫ The payment amount depends on your age/income/household type

⚫ An initial deadline for filers has already passed

You can start checking your bank account daily for a sudden increase.

Payments tied to the ANCHOR property tax relief program are supposed to begin on Oct. 1, according to a letter mailed to New Jersey residents in August.

Millions of households are eligible for the payment from the Affordable New Jersey Communities for Homeowners and Renters program. While many folks still have about two months to make sure New Jersey Treasury officials have all the right information, others who've received payments in the past can expect their 2024 payment very soon, if it hasn't happened already.

The earliest recipients of the money should be those who've received ANCHOR benefits in the past and have had to make no changes to their address or bank account since last year.

Previous recipients who needed to make those changes had until Sept. 15 to do so.

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According to the ANCHOR site, the payments will "continue on a rolling basis" starting in early October.

Those who are newly eligible for an ANCHOR payment and those who have never applied for the benefit have until Nov. 30 to file.

Am I getting paid?

This is the third year for New Jersey's ANCHOR program. Last year's ANCHOR benefits, which covered the 2020 tax year, totaled more than $2.1 billion. The payments were distributed to more than 1.8 million homeowners and renters.

This latest round covers the 2021 tax year. Folks who owned or rented a primary residence and brought in $250,000 or less for the year are eligible for the benefits.

Homeowners who were under the age of 65 and brought in $150,000 or less in gross income should receive $1,500. The payment goes down to $1,000 for 64-and-younger homeowners that brought in between $150,001 and $250,000.

SEE ALSO: Groups say rent is "unsustainable" in NJ for many

Homeowners who were at least 65 years old in 2021 are scheduled to receive $1,750, if their gross income was $150,000 or less. The payment is $1,250 for older residents who made between $150,001 and $250,000.

The majority of renters will receive $450. Renters that are at least 65 years old and earn $150,000 or less per year will receive an additional $250.

Anyone with questions can call the ANCHOR hotline at 609-826-4282 or 1-888-238-1233. In-person assistance is available at a Regional Information Center.

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