The state of New Jersey has launched a new financial assistance program called ANCHOR, which is designed to financially support homeowners and renters.
Through this program, checks of up to $1,750 will be given to those who meet certain requirements. This is one of the most important ways the state is returning some of the money people have paid in property taxes.
Who can receive the stimulus check?
The ANCHOR program is available to both homeowners and renters in New Jersey.
Renters can receive between $450 and $700, depending on their circumstances, while homeowners could receive between $1,000 and $1,750, depending on the property taxes they have paid.
The New Jersey Department of Treasury’s Tax Division has already begun sending letters to some 15.5 million residents who will automatically receive this benefit.
It is important to keep an eye on your email, as not everyone will receive the notification at the same time.
Simplified process to request the benefit
The state has implemented a simple application system to facilitate access to the stimulus check, which you can request on the official website.
The information packets have been customized and are color-coded for clarity: the purple packet is for tenants and the green packet is for landlords.
These packets include an identification number and PIN required to complete the application process.
This is the third consecutive year that property tax refund programs have been launched in New Jersey.
During fiscal year 2023, more than 1.8 million homeowners and renters benefited from the $2.1 billion distributed.
Updates for previous beneficiaries and new applicants
If you were a beneficiary of the ANCHOR program last year, you will likely receive a letter in August informing you of the automatic renewal of your application for this year.
If your information has not changed, you will not need to take any additional action to receive your stimulus check.
However, if you need to update your address or banking information, you must do so before September 15, 2024.
For new applicants, application instructions will be sent in late August.
Once the application is completed, payment will be processed in approximately 90 days.
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