Qualified residents of continuing care retirement communities will be eligible for property tax relief under a new $2 billion program in New Jersey.
The Affordable New Jersey Communities for Homeowners and Renters program, or ANCHOR, would offer relief to taxpayers who own a principal residence in the state on October 1, 2019, and meet certain income limits, according to the New Jersey Department of the Treasury Division of Taxation.
CCRC residents are considered homeowners under the program if they were a resident of the community on the Oct. 1 date and if their CCRC contract requires payment of a proportionate share of property taxes attributable to their unit.
Eligible homeowners and renters will be able to apply to the program this fall, and rebates are expected to arrive by May 2023, the New Jersey Patch reported.
The ANCHOR program, part Gov. Phil Murphy’s (D) fiscal 2023 budget, is an expansion of the state’s Homestead Benefit program, which provided property tax relief to homeowners who earn up to $75,000 per year, as well as low income seniors and disabled persons who earned up to $150,000 per year.
Under the new program, 870,000 households with incomes under $150,000 will receive $1,500 in direct property tax relief in FY23, and those with incomes between $150,000 and $250,000 will receive $1,000, New Jersey Business Magazine reported. The program newly applies to renters as well. Those with incomes up to $150,000 will receive $450 each.
ANCHOR is fully funded in its first year under a legislative agreement, meaning that eligible rebate recipients will receive the full amount of proposed relief in 2023, according to Patch. When researching their eligibility, homeowners should refer to their gross income from Tax Year 2019, a state treasury spokesperson said.
