NJ-Free $1,500 for homeowners and $450 for renters

[bigdipper8545]

Most New Jersey residents can get a cash payment for property tax relief. The payment amount is $1,500 if you are a homeowner or $450 in you are a renter. This is called the ANCHOR benefit program.
Application link: https://www.nj.gov/treasury/taxation/anchor/index.shtml

[S209]

Most New Jersey residents can get a cash payment for property tax relief. The payment amount is $1,500 if you are a homeowner or $450 in you are a renter. This is called the ANCHOR benefit program.
Application link: https://www.nj.gov/treasury/taxation/anchor/index.shtml

I’ll buy yours for $300 OBO

[EliJelly]

Renters? Since when are renters paying property taxes?

[YitzyS]

Renters? Since when are renters paying property taxes?

But they vote...

[S209]

Renters? Since when are renters paying property taxes?

But they vote...

It makes a small measure of sense, since rents are in some way tied to tax rates.

[EliJelly]

It makes a small measure of sense, since rents are in some way tied to tax rates.

Hmm.. Irvington rents aren't higher than Newark's or JC.

[S209]

Hmm.. Irvington rents aren't higher than Newark's or JC.

But if taxes were lower in those places rents would be lower. There is a strong correlation even if it’s not perfect. It appears that 80-90% of tax increases are swallowed by rental increases.

https://dspace.mit.edu/bitstream/handle/1721.1/111373/1003291341-MIT.pdf?sequence=1

[S209]

Just to confirm, this doesn’t benefit landlords/investors at all, correct? Only for people in their primary home?

[cgr]

Just to confirm, this doesn’t benefit landlords/investors at all, correct? Only for people in their primary home?

Correct

[Live N Learn]

This is just for homeowner/renters from 2020. Correct?

[cgr]

This is just for homeowner/renters from 2020. Correct?

As of October 1, 2020.
If you moved in later you should be eligible for the 2021 benefit, which will be distributed next year.

[cgr]

Benefit changed slightly from last year, to provide an increase to those 65+.

Homeowners:
Under 65 as of December 31, 2020 with income under $150,000 will receive a $1,500 property tax credit
Under 65 as of December 31, 2020 with income between $150,000 and $250,000 will receive a $1,000 property tax credit

65+ as of December 31, 2020 with income under $150,000 will receive a $1,750 property tax credit
65+ as of December 31, 2020 with income between $150,000 and $250,000 will receive a $1,250 property tax credit

Renters:
under 65 as of December 31, 2020 with income of up to $150,000 will receive a $450 credit
65+ as of December 31, 2020 with income of up to $150,000 will receive a $700 credit

[mahnishma]

Is this imcome based?

[cgr]

Is this imcome based?

See post above yours.

[whacked1]

How about if you owned in 2020 but have since moved out of that home

[cgr]

How about if you owned in 2020 but have since moved out of that home

Not a problem. It's as of October 1, 2020.