What is the application deadline for ANCHOR?
This year’s deadline for submitting a new application is November 30.
How much do you get?
He said this year’s ANCHOR payments remain unchanged and are based on the 2021 tax year.
Renters would receive $450 and homeowners would receive $1,000 or $1,500 depending on their income, he said.
Homeowners with annual incomes up to $150,000 are eligible for $1,500, and those earning between $150,000 and $250,000 can receive $1,000. All approved ANCHOR applicants over the age of 65 will receive an additional $250.
Michael Hayes, an associate professor of public policy and public administration at Rutgers University in Camden, said the ANCHOR program “makes sense.”
“Essentially, the state government implicitly subsidizes local governments by collecting state income taxes and then distributing them to property owners and renters,” he said.
Reducing property taxes is not easy
Hayes pointed out that reducing property tax in Jersey is not as easy as it may seem.
“It would be really difficult for the state because the state doesn’t control property taxes, local governments do. There are 600 municipalities in New Jersey, you would need 600 different programs, and it would probably be a very administrative burden to implement,” he said.
He said this type of relief “will not bring about groundbreaking changes, but it is certainly a significant amount.”
