Date: September 17, 2024Attorney: Martin D. Hauptman
Effective August 19, 2024, the New Jersey Division of Taxation will initiate a new phase in the ANCHOR Program by mailing ANCHOR Benefit Confirmation Letters to all eligible homeowners and renters. This initiative is designed to streamline the application process by automatically filing applications for those who have previously participated in the program.
Important Steps for Taxpayers:
- Review Your Confirmation Letter: Upon receipt, carefully review the details in your ANCHOR Benefit Confirmation Letter. This letter will contain crucial information about your application status, including your name, mailing address, and banking information (if your benefit was distributed via direct deposit).
- Update Information if Necessary: If any of the personal information listed in the letter—such as your name, mailing address, or banking details—has changed since your last ANCHOR payment, you must submit a new application to reflect these changes. The deadline to file this updated application is September 15, 2024.
- Payment Schedule: Payments will be processed on a rolling basis starting in November 2024. Ensure that all required actions are completed before the final application deadline of November 30, 2024, to receive your benefits without delay.
Updated Eligibility Requirements:
The Division of Taxation has also revised the eligibility criteria for the ANCHOR Program:
- For Homeowners: To qualify, you must have owned and occupied your New Jersey residence as of October 1, 2021, have paid property taxes on this home for the year 2021, and have a New Jersey gross income not exceeding $250,000.
- For Renters: To be eligible, your New Jersey gross income must not exceed $150,000.
These updates aim to ensure that the ANCHOR Program effectively supports those who meet the revised criteria. For more detailed information and further updates, please contact Martin D. Hauptman at (973) 243-7912 or via email at mhauptman@mblawfirm.com.