Property Tax Rebate in New Jersey – Are You Qualified?
New Jersey has offered 5 different tax relief programs for homeowners and renters. Ellen Steinberg, the chairperson of the NJ Senior Council, stated that it’s important for all New Jersey residents to know about the programs “because it’s their money”, he added.
She said that the state has made it very confusing for its residents. Each (program has) a different application form, and different requirements, defines income differently and has different filing dates.
The Five Programs That Have Been Announced Are The Following:
• Affordable New Jersey Communities for Homeowners and Renters(ANCHOR)
• NJ State Income Tax Return: Property Tax Deduction/Credit
• Senior Freeze
• Veterans’ Property Tax Relief
• Senior Citizens’ Annual Property Tax Deduction
The ANCHOR program was issued earlier this year when Gov. Phil Murphy signed the 2022-2023 budget. It’s a replacement for what used to be called the Homestead Rebate Program. Citizens of New Jersey who owned or rented their home as of October 1, 2019, met income requirements and filed state income taxes are qualified.
• Homeowners with incomes of $150,000 or less will be receiving $1,500.
• Homeowners with incomes of more than $150,000 and up to $250,000 will get $1,000.
• Renters with incomes of $150,000 or less will get $450.
Steinberg has stated that an Anchor property tax rebate is money the homeowner has already paid out in property taxes in 2019. She also added that the government should come up with a solution that reduces property taxes.
According to a published post by Tap Into Nutley, it’s also important to note that the deadline for the Senior Freeze Program is October 31, 2022.
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