THE ANCHOR PROGRAM IS THE LARGEST PROPERTY TAX RELIEF PROPOSAL IN NEW JERSEY HISTORY
The ANCHOR program, signed into law on June 30, 2022, will provide $2 billion in property tax relief for homeowners and rebates for renters. Most homeowners with household incomes below $150,000 will receive a $1,500 property tax rebate, and homeowners with a household income between $150,000 and $250,000 will receive a $1,000 rebate. More than 900,000 renters with household incomes below $150,000 will receive a $450 check from the State.
You may also qualify for other property tax relief benefits. For a full list please visit this link.
Senior Freeze (Property Tax Reimbursement)
The Senior Freeze Program reimburses eligible senior citizens and disabled persons for property tax increases on their principal residence (main home). NJ residents who owned and occupied a home in NJ that was their principal residence on October 1, 2017 may be eligible to qualify for this program—provided property taxes were paid and income limits are met. Call the NJ Senior Freeze Hotline 1-800-882-6597 for further assistance. You may also visit nj.gov/taxation.
Deductions, Exemptions, and Abatements
The State of New Jersey offers several property tax deductions, exemptions and abatements. These programs are managed by your local municipality. Click on the below links to learn more about what deductions you may qualify for:
Property assessment, exemption, and abatement programs include: