This is who can qualify for NJ ANCHOR rebates in 2024

New Jersey's ANCHOR tax rebate program was a hallmark of the 2023 budget, and the Department of the Treasury is already looking ahead to 2024.

As of last month, more than 1.638 million applications for the program had been approved, said Melinda Caliendo, a spokesperson for the department.

That includes more than 1.169 million homeowners and more than 468,000 renters, Caliendo said.

There are still applications being processed, however. Caliendo estimated that as many as 15,000 applications were still being worked on — and could still provide rebates.

What officials said

“Taxation staff are working diligently to resolve these applications that were submitted with missing or conflicting information,” Caliendo said. “These applications were either submitted without all necessary information, require further confirmation to process their applications, have multiple applications for the same address or individuals submitted applications for multiple properties.”

The program was renewed in the fiscal year 2024 budget signed by Gov. Phil Murphy in June, and the department is getting ready to send out application information by the middle of August, Caliendo said.

It’s not exactly the same program, though. This year's ANCHOR rebates will be based on tax returns filed in 2020, and for New Jersey seniors, the payout will be $250 higher. This increase is being billed by lawmakers as part of the StayNJ plan, a property tax credit for those 65 and older that will not go into effect until 2026.

Earlier: This is when NJ taxpayers should expect ANCHOR rebates

Who qualifies?

ANCHOR replaced the Homestead Benefit. More than 870,000 homeowners with incomes up to $150,000 will be eligible to receive $1,500 in relief; more than 290,000 homeowners with incomes over $150,000 and up to $250,000 will be eligible to receive $1,000; and more than 900,000 renters with incomes up to $150,000 will be eligible to receive $450 to help offset rent increases.

Katie Sobko covers the New Jersey Statehouse. Email: sobko@northjersey.com

This article originally appeared on NorthJersey.com: NJ ANCHOR property tax rebates: Who can qualify in 2024?