New Jersey’s ANCHOR initiative sets a new benchmark in property tax relief, aiding over 1.8 million homeowners and renters with substantial financial benefits.
NEW JERSEY: The Affordable Communities for Homeowners and Renters (ANCHOR) program has reached a new milestone, distributing over $2.1 billion in property tax relief to more than 1.8 million New Jersey residents. This achievement marks ANCHOR as the largest property tax relief program in the state’s history.
In the latest filing season, covering the 2020 tax year, the program provided benefits to over 1.2 million homeowners and approximately 579,000 renters. Homeowners received over $1.8 billion, while renters were awarded over $278 million in benefits. The benefit amounts varied, ranging from $450 to $1,750, depending on various factors including income and age, with an additional $250 available for qualifying individuals over 65.
The program’s expansion from the 2019 to the 2020 tax year saw an increase of over 200,000 beneficiaries, including more than 60,000 homeowners and 141,000 renters. This growth surpassed the 2008 Homestead Rebate program, which had previously set the record for the most substantial property tax relief distribution at $2.08 billion.