New Jersey residents can benefit from a stimulus check of up to $1,750 thanks to a tax relief program called ANCHOR. However, it’s important to note that not everyone qualifies for this program.
Initially, it is a check aimed at eligible homeowners and renters and refers to property tax relief. Nevertheless, not everyone knows this aid in depth, so we will try to explain it as clearly as possible.
What is the ANCHOR program, and who can collect this stimulus check?
ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) is a state program that annually aims to economically alleviate the impact of certain taxes. In this case, homeowners can receive between $1,000 and $1,500 depending on income, while if you are a renter, you can get up to $450.
However, not everyone can apply; certain requirements must be met:
- The first requirement is to be a resident of New Jersey.
- The next requirement for homeowners is that you must have paid taxes on your primary home for the corresponding fiscal year. Remember, it has to be the primary home, not a property intended for income, such as vacation homes.
- Finally, for renters, it is necessary to have rented a home in New Jersey during the corresponding aid period and to have income below $150,000 annually.
Another important point is that if you did not submit your application before December 6th of last year, you will not be eligible for the aid. On the other hand, if you meet all the requirements and submitted your application before that date, you are already on the payment list, but not everyone is paid at the same time.
If you met these requirements and submitted your application before December 6th, 2024, you are already on the list!
When will you receive the stimulus check?
According to the ANCHOR program website, payments will begin to be distributed in December 2024 and will continue throughout 2025. In most cases, the check arrives approximately 90 days after you submit your application, as long as there are no issues with your information.
What if you had already received this benefit last year? Good news: many homeowners were already automatically enrolled. If this is your case, you will receive your check without doing anything else.
Now, if this is the first time you are applying for the aid, you will receive a letter by mail with a color code that will identify you as a homeowner or renter: homeowners receive a green color code and renters a purple color code.
A very important point about this check is that it is not a standard benefit like the federal stimulus checks. It is actually a strategy specifically aimed at helping with property taxes. Additionally, in this year’s application, the process has been greatly simplified.
To make it clearer: if you earn less than $150,000 and are a homeowner, you receive $1,500. If you earn between $150,000 and $250,000, the check will be $1,000. If you are a renter and do not exceed $150,000 annually, you will receive a check for $450.
What happens if my check is delayed?
Keep in mind that most people will receive the check within 90 days after the application, that is, if the application deadline was on December 6th. You can easily calculate this.
However, if you have not yet received the payment or time passes and you do not receive it, it may be that additional information is needed or that the validation process is slower.
You can decide to contact the New Jersey Department of Revenue and request information about it.
