Home News What are the income limits for N.J.’s property tax savings programs?

What are the income limits for N.J.’s property tax savings programs?

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Q. What is the gross or net income limit for the ANCHOR and Homestead Rebate programs? Who is eligible?

– landlord

A. Great question.

Let’s see the details.

anchor, Stands for “Affordable New Jersey Communities for Homeowners and Tenants” Homestead Rebate Program.

of Submission Deadline Anchor’s current benefits are for the 2019 tax year, which is December 30, 2022, according to Neil Becourtney, Holmdel CPA and KornResnick tax partner. The deadline to apply for homestead benefits for 2018 was November 30, 2021, he said.

According to Becourtney, a New Jersey resident who owned and occupied a home in the state that was their primary residence on October 1, 2019, would pay property taxes on that home and pay tax on it in 2019 New Jersey. He said he was eligible if he had a total state income of $250,000 or less.

To answer your question directly, it’s gross income that matters.

There are additional rules for tenants to qualify for ANCHOR benefits, he said.

You must be a New Jersey resident, your 2019 New Jersey gross income must not exceed $150,000, and the in-state residence that was your primary residence on October 1, 2019 Also, your name must be on the lease or rental agreement, rent must be paid, and the property must be subject to local property taxes. must, he said.

Applications will begin to be sent by email on September 13th, and paper applications will begin on September 19th. According to the State Treasury, the application will be sent out in stages until he Sept. 30.You can do it Click here for the mailing schedule.

If you haven’t received your application yet, please do so 10 days after the county mailing date, the Treasury said. You can then call her ANCHOR hotline at (888) 238-1233 for help.

Once you have received your application, you can apply online or by calling (877) 658-2972.

According to the Ministry of Finance, the benefits will be paid by May 2023.

Email a question [email protected].

Karin Price Mueller wrote: deception It is a column of NJ Advance Media, NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJ money help. seek NJMoneyHelp on Facebook. Apply NJMoneyHelp.comof Weekly electronic newsletter.

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