Check your bank accounts: ANCHOR payments go out today in NJ

Katie Sobko, NorthJersey.com
·2 min read
The seal of New Jersey on the rotunda floor in the newly-renovated Statehouse in Trenton on Wednesday, March 22, 2023.
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More than 700,000 New Jersey residents can expect to see a bump in their bank account Thursday. State officials announced Wednesday night that the latest round of ANCHOR payments will be distributed to applicants who opted for direct deposit.

The payments, ranging from $450 for renters to $1,750 for senior homeowners, correlate to tax year 2020.

Paper checks will be mailed starting next week and all applicants should receive the payment by the end of the month.

“For years, property taxes have been one of the most pressing concerns for homeowners across New Jersey,” Gov. Phil Murphy said. “I’m particularly pleased that the latest round of ANCHOR relief payments will be delivered to the vast majority of applicants in a much more timely fashion thanks to the efficiencies employed by the Division of Taxation.”

State Treasurer Elizabeth Maher Muoio echoed that sentiment, noting that a “major goal from the very beginning of this administration has been to make New Jersey a more affordable place to live, work and raise a family.”

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The program was instituted last summer as part of the 2023 fiscal year budget and the first round of payments went out in April.

For the fiscal year 2024 program, officials decided that the payment process should be moved to the fall, just weeks before voters head to the polls. In this case, all 120 seats in the Legislature are on the ballot next month.

The first year of the program saw more than 1.7 million renters and homeowners receive payments ranging from $450 to $1,500. This time around the payment for seniors has been increased by $250 and will now range from $700 to $1,750, while those under 65 will receive the same amount as last time.

The state’s Treasury Department announced in August that more than 1.3 million of the residents who received payments from the program earlier this year didn’t need to file a new application, as long as none of their information changed.

This article originally appeared on NorthJersey.com: ANCHOR program NJ status update as payments begin for residents