New Jersey residents can receive a stimulus check of up to $1,750 through the ANCHOR tax relief program. However, it’s crucial to realize that not everyone is eligible for this program.
Initially, it is a cheque addressed to qualifying homeowners and renters that alludes to property tax relief. Nonetheless, not everyone is well-versed in this aid, so we will do our best to explain it clearly.
What is the ANCHOR program, and who can collect this stimulus check?
ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) is a state program that tries to reduce the economic burden of specific taxes. In this example, homeowners can receive $1,000 to $1,500, depending on their income, while renters can receive up to $450.
However, not everyone can apply; several qualifications must be met:
- The first requirement is to be a resident of New Jersey.
- The next requirement for homeowners is that you must have paid taxes on your primary home for the corresponding fiscal year. Remember, it has to be the primary home, not a property intended for income, such as vacation homes.
- Finally, for renters, it is necessary to have rented a home in New Jersey during the corresponding aid period and to have income below $150,000 annually.
Another crucial aspect to note is that if you did not submit your application before December 6th of last year, you would be ineligible for the aid. On the other hand, if you complete all of the conditions and submit your application by that date, you are already on the payment list; however, not everyone is paid at the same time.
When will you receive the stimulus check?
According to the ANCHOR program website, payments will begin in December 2024 and continue through 2025. Assuming your information is correct, the check should arrive roughly 90 days after you submit your application.
What if you had received this benefit last year? Good news: many homeowners have already been automatically enrolled. If this is the case, you will get your check without doing anything else.
If this is your first time applying for assistance, you will receive a letter in the mail with a color code indicating whether you are a homeowner or a renter: homeowners receive a green color code, while renters receive a purple color code.
One critical aspect of this check is that it is not a normal benefit, unlike federal stimulus cheques. It is an approach designed specifically to aid with property taxes. Furthermore, this year’s application has been much streamlined.
To clarify, if you make less than $150,000 and are a homeowner, you will receive $1,500. If your earnings fall between $150,000 and $250,000, you will receive a $1,000 cheque. If you are a renter and your annual income does not exceed $150,000, you will receive a $450 payment.
What happens if my check is delayed?
Keep in mind that most people would receive the check within 90 days of submitting the application, assuming the deadline was December 6th. You can easily calculate this.
However, if you have not yet received the money, or if time has passed and you have not received it, it is possible that more information is required or that the validation procedure is taking longer.
You can choose to call the New Jersey Department of Revenue and inquire about it.
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