The New Jersey ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) Property Tax Relief Program is being enhanced. The program will increase from nearly $900 million proposed in March to over $2 billion and will reduce property taxes for over 1.16 million homeowners and 900,000 renters beginning in Fiscal Year 2023.
Under the expanded ANCHOR Property Tax Relief Program proposal, there will be a full phase-in of rebates and the benefits will be simplified:
• 870,000-plus homeowners with a household income of under $150,000 would receive a $1,500 property tax credit on their property tax bill each year
• 290,000-plus homeowners with a household income between $150,000 and $250,000 would receive a $1,000 property tax credit on their property tax bill each year
• 900,000-plus renters with incomes up to $150,000 would receive $450 each year to help offset the rent increases caused by increasing property taxes
The average New Jersey property tax bill was approximately $9,300 in 2021. ANCHOR’s direct property tax relief rebates could offset over 16 percent of the average property tax bill in New Jersey for some homeowners. For a middle-class family receiving the $1,500 in direct relief, the average bill will effectively become $7,800, a property tax level New Jersey has not seen since 2012
For more info, see https://www.nj.gov/governor/news/news/562022/20220615a.shtml
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