NJ Anchor Income Limits 2024

In a bid to provide much-needed financial relief to New Jersey homeowners and renters, the ANCHOR program for 2024 has been rolled out with specific income limits. Understanding these income thresholds is crucial for eligible residents to make the most of the program. Let's delve into the details of the NJ ANCHOR program and explore the income limits for 2024.

NJ ANCHOR Program Overview

The NJ ANCHOR (Assistance for New Jersey Homeowners and Renters) program is designed to support residents facing financial challenges by offering direct financial assistance. In 2024, the program targets both homeowners and renters, recognizing the diverse needs of New Jersey's population.

NJ Anchor Income Limits 2024

$1,500 for Homeowners with Income of $150,000 or Less:

Homeowners with an annual income of $150,000 or below are eligible to receive $1,500 in financial assistance through the ANCHOR program. This substantial aid aims to alleviate the financial burden on those with more limited means.

$1,000 for Homeowners with Income Between $150,000 and $250,000:

Individuals falling within the income range of more than $150,000 up to $250,000 can still benefit from the ANCHOR program, albeit with a slightly reduced amount of $1,000. This tiered approach ensures assistance is provided across a spectrum of income levels.

Income Limits for Residential Renters

$450 for Renters with Income of $150,000 or Less:

Renters experiencing financial strain and earning up to $150,000 annually are eligible for a direct payment of $450 through the ANCHOR program. This aid is specifically tailored to assist those who may be struggling to make rent payments.

Who is eligible for the NJANCHOR program?

ANCHOR eligibility is as follows:

• NJ homeowners with income of $150,000 or less will receive $1,500.
• NJ homeowners with income of more than $150,000 and up to $250,000 will receive $1,000.
• NJ residential renters with income of $150,000 or less will receive
• $450. You must have paid rent to be eligible.

NJ Anchor Program Homeowner Eligibility Requirements

You are eligible if you met these requirements:

• You were a New Jersey resident; and
• You owned and occupied a home in New Jersey that was your principal residence (main home) on October 1, 2020; and
• 2020 property taxes were paid on that home; and
• Your 2020 New Jersey gross income was not more than $250,000.

NJ Anchor Gross Income Limits 2024

You will be asked to enter the amount of your gross income from line 29 of your 2020 New Jersey Income Tax return (NJ-1040). If you do not have your 2020 NJ-1040, you may enter the gross income amount from your 2022 NJ-1040. If you were not required to file a New Jersey Income Tax return, report zero as your gross income.

Deceased Homeowners

If you are an executor or surviving spouse/civil union partner, filing on behalf of an eligible homeowner who died on or after October 1, 2020, you must file a paper application. You can print a paper application or upload a completed application through the electronic filing system. You will be able to attach supporting documents with the application (i.e., death certificate). Do not include the deceased spouse's name on the application.

Estates

If you file on behalf of an estate, we will issue the approved benefit in the name of the estate. You should speak to your bank and/or seek guidance from your attorney prior to closing the estate bank account.

NJ Anchor Program Ineligible Properties

You may not claim an ANCHOR benefit if:

• Your principal residence (main home) was completely exempt from paying property taxes;
• You made P.I.L.O.T. (Payments-in-Lieu-of-Tax) payments to your municipality. These payments are not considered property taxes for purposes of the ANCHOR benefit for homeowners.

You are not eligible to claim a benefit for a:

• Vacation home;
• "Second home;" 
• Property you owned and rented to someone else.

Condominiums and Co-ops

If you were a resident shareholder of a cooperative housing complex or you owned a condominium and you paid property taxes on the unit, you are considered a homeowner for purposes of applying for the ANCHOR benefit. You are not considered to be living in a multiple-unit property. Answer "no" to the multi-unit question when filing.

nj anchor program income limits renters

• NJ residential renters with income of $150,000 or less will receive $450. 
• You must have paid rent to be eligible. 
• NJ homeowners with income of $150,000 or less will receive $1,500. 
• NJ homeowners with income of more than $150,000 and up to $250,000 will receive $1,000.

NJ Anchor Rpogram Renter Eligibility Requirements

You are eligible for an ANCHOR benefit based on 2020 residency, income, and age, if you met these requirements:

• You were a New Jersey resident; and
• Your 2020 New Jersey gross income was not more than $150,000; and
• Your name was on the lease or rental agreement; and
• You paid rent; and
• You rented and occupied a residence in New Jersey that was your principal residence (main home) on October 1, 2020; and
• The rental property was subject to local property taxes, (see Qualified and Non-Qualified Rental Properties).

Do I have to be a current New Jersey resident to apply?

No. You must have owned and occupied a home in New Jersey as your principal residence on October 1, 2020. However, applicants who moved after October 1, 2020, are eligible if they met the other 2020 program qualifications.

I lived in an Assisted Living Facility in 2020. Am I eligible to apply for the ANCHOR benefit?

If you own a home (primary residence), but were a temporary resident of an Assisted Living Facility (ALF) and did not change your primary domicile, you are eligible to apply for the benefit on the home you owned on October 1, 2020, (as long as you meet all other program requirements).

If you remain in an ALF and changed your primary domicile to another address, you should not apply for the benefit. However, see Continuing Care Communities or additional qualification information.

When will I receive my ANCHOR Benefit?

Payments will be issued on a rolling basis. Most applicants can expect to receive their payment approximately 90 days after filing the application, unless we request additional information to process your claim.

When must I file a paper application?

You are required to file a paper ANCHOR application (Form ANCHOR-H ) if:

• You shared ownership of your main home with someone who was not your spouse/civil union (CU) partner and your percentage of ownership is not preprinted on your worksheet;
• Your main home was a unit in a multi-unit property that you owned;
• You received an ANCHOR information mailer for the correct property, but the name on the mailer is not yours or needs to be changed due to marriage, death, etc.;
• You are a widow(er)/surviving civil union partner and your deed lists both your name and the name of your deceased spouse;
• You are an executor filing on behalf of a deceased homeowner (you must include a death certificate with the application);
• You occupied a newly constructed home on October 1, 2020, for which you did not receive an ANCHOR mailer with an Identification Number and PIN;
• You are considered a homeowner for purposes of applying for the ANCHOR benefit, but you were not the actual owner of record on October 1, 2020;
• You and your spouse/civil union partner maintained the same main home and require separate ANCHOR benefit payments;
• You are filing for a property held in trust. (You are considered an eligible owner of a property owned by a trust if you are a beneficiary, or the deed or trust agreement explicitly states that you have a life estate in the property.)

Where do I find the amount of my 2020 New Jersey gross income to report on my application?

Your 2020 New Jersey gross income can be found on line 29 of your 2020 New Jersey Income Tax return (NJ-1040). If you do not have access to your 2020 NJ-1040, you may use the amount from your 2022 NJ-1040. Report your income as $0 if you did not file  an NJ-1040 for 2020 or 2022, you did not earn any income, or enough income to be required to file a NJ-1040 for those years.

I am 65 years old. How much will I receive?

This year’s benefit provides an additional $250 for New Jersey residents who were 65 or older as of December 31, 2020. If you met the other requirements and reported 2020 New Jersey gross income of $150,000 or less, your benefit would be $1,750. If you met the requirements and earned between $150,001 and $250,000 in 2020, your benefit would be $1,250.

Property Tax Credit. New Jersey homeowners who are not required to file a New Jersey Gross Income Tax return (NJ-1040) are eligible for a Property Tax Credit of up to $50. If you were a resident homeowner on October 1, 2020, and not required to file an NJ-1040, your Property Tax Credit will be included in your ANCHOR benefit payment. If you met the other requirements and reported 2020 New Jersey gross income of $150,000 or less, your benefit would be $1,800. If you met the requirements and earned between $150,001 and $250,000 in 2020, your benefit would be $1,300.

Am I eligible to file if a trust owns the property?

To be eligible, you must be a beneficiary of the trust, occupy the home as your main home on October 1, 2020, and meet the income requirements. The 2020 property taxes must have been paid by June 1, 2021. File a paper application, and submit a copy of the trust agreement for proof of eligibility.