ANCHORS AWEIGH: Free money worth $1,750 will go out automatically but you need to look for the green and white letter in the mail

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According to The Sun, A property tax relief program has officially kicked off as the Treasury Department’s Tax Division begins mailing letters to confirm eligibility for 1.5 million residents.

Payment Details for Renters and Homeowners

The ANCHOR program offers renters a one-time payment ranging from $450 to $700, while homeowners may receive between $1,000 and $1,750. This initiative, which started on August 19, aims to ease the property tax burden for New Jersey residents.

Updating Personal Information

If your personal information has changed since your last ANCHOR payment, it’s essential to update it by September 15, 2024. Payments will be distributed on a rolling basis beginning in November, so timely updates are crucial for eligibility.

Overview of the ANCHOR Program

The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program provides tax relief to residents who meet specific income and residency qualifications. It stands as the largest property tax relief initiative in New Jersey’s history, with $2.1 billion distributed in the previous season.

Homeowners can receive up to $1,750 based on their 2021 income and age, while renters can expect payments between $450 and $700, also determined by income and age. Renters have the convenience of filing online without needing an ID or PIN.

Also Read: HELPING HAND Social Security payment worth $943 being sent today with only 2 checks left before 2025 increase

Payment Schedule and Application Process

Payments are set to begin in November and will continue on a rolling basis. If your information hasn’t changed since your last application, no further action is required. However, individuals with updated details must reapply by November 30, 2024.

Applicants can expect to receive their payments approximately 90 days after submitting their application, unless additional information is requested by the government.

Beware of Scams

Taxpayers should be cautious of scams and may need to verify their identity through ID.me to prevent fraud. According to NJ.gov, you should consider using ID.me if:

  • You are utilizing the ANCHOR ID/PIN search function
  • You are a new filer or did not receive an ANCHOR mailer or letter
  • You no longer have your ANCHOR mailer/letter or its details

Additional Resources

For more information, visit anchor.nj.gov or contact the ANCHOR hotline. Keep an eye out for the green and white letter in your mailbox, as it will confirm your eligibility for this vital program.

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