American citizens are being encouraged to be on the lookout for a unique letter in their mail that has the potential to score them a generous $1,750 cash bonus.
More than 1.5 million individuals have the opportunity to receive monetary benefits through a tax relief program. Time is running out for those who are interested to check if they meet the eligibility criteria.
Homeowners in New Jersey can now enjoy cash perks ranging from $1,000 to $1,750, thanks to the efforts of Affordable New Jersey Communities for Homeowners and Renters (ANCHOR).
As part of the scheme, renters can also receive up to $700.
Residents in New Jersey’s ANCHOR property tax relief program are eligible for this benefit.
Applicants who are over 65 can also anticipate receiving an even larger $250 bonus.
Payments are currently being distributed on an ongoing basis and will continue to be distributed throughout the month.
The Treasury Division of Taxation will take care of filing applications automatically, so millions of people don’t have to do anything except wait.
If you wish to modify any details regarding your living situation, you can easily do so by accessing the application process available on their website.
The application deadline is November 30th.
The popular program offers essential assistance to New Jersey residents in alleviating the burdens of property taxes.
ANCHOR is now in its third year, providing ongoing support to renters and homeowners who meet the income and property criteria from the 2021 tax year.
ABOUT THE ANCHOR PROGRAM
The ANCHOR program provides tax relief to eligible state residents based on their income and residency status.
Last season, New Jersey implemented its largest property tax relief initiative, distributing a staggering $2.1 billion.
Homeowners have the opportunity to receive a maximum amount of $1,750, which is determined by their income and age for the year 2021.
Renters can anticipate receiving payments ranging from $450 to $700, depending on their income and age.
Renters have the convenience of filing their documents online without the need for an ID or PIN to access the necessary information.
Payments are scheduled to commence in November and will be processed continuously. If there have been no changes to your information, no further action is required.
If you have updated information, please make sure to reapply by November 30, 2024.
The cash will also be issued on a rolling basis, as stated by NJ.gov.
Applicants can anticipate receiving the funds in their mailboxes approximately 90 days after they have submitted their application.
In the event that the government needs additional information to process the claim, that would be the only exception.
ANCHOR PROGRAM ELIGIBILITY
Eligibility Criteria:
If you are a homeowner:
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- You were a New Jersey resident; and
- You owned and occupied a home in New Jersey that was your principal residence (main home) on October 1, 2021; and
- 2021 property taxes were paid on that home; and
- Your 2021 New Jersey gross income was $250,000 or less.
As someone who rents a property:
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- You were a New Jersey resident; and
- Your 2021 New Jersey gross income was not more than $150,000; and
- Your name was on the lease or rental agreement; and
- You paid rent; and
- You rented and occupied a residence in New Jersey that was your principal residence (main home) on October 1, 2021; and
- The rental property was subject to local property taxes (see Qualified and Non-Qualified Rental Properties).
The information provided has been sourced from the NJ Treasury.
