Although the federal tax season has wrapped up and most federal rebates and tax credits have already been distributed, some states are still issuing additional rebate payments to their residents.
These payments are often funded through state budget surpluses, ongoing rebate initiatives, or state income tax timelines that differ from the federal tax schedule.
If you live in New Jersey, you could be eligible for one of these cash rebate programs, especially if you are a homeowner or renter facing rising housing costs.
Who Has to Pay State Taxes?
While federal income tax tends to dominate tax season, most taxpayers are also responsible for state income tax. Every income-earning individual must file a federal return with the IRS, even if they do not owe any tax. Filing ensures access to rebates or credits and is mandatory if:
- Your gross income exceeds $14,600 as a single filer under 65
- You earn over $400 in net self-employment income
In addition to federal taxes, most states impose their own income tax. The only states without this requirement are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. However, these states typically rely on higher property, sales, or other taxes to compensate for the absence of income tax.
New Jersey’s ANCHOR Program: Property Tax Relief
Residents of New Jersey who meet certain criteria may qualify for cash rebates under the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program. This initiative is designed to provide relief from rising property taxes.
The New Jersey Division of Taxation has set the application deadline as October 31, while first payments are scheduled to be sent on September 15 to those who have already applied.
Eligibility Requirements
To qualify for ANCHOR rebates, you must:
- Have been a New Jersey resident since October 2024
- Have 2024 gross income not exceeding $250,000 (homeowners) or $150,000 (renters)
- Have owned or rented your primary residence as of October 1, 2024 and paid property taxes on it (or your rent was subject to property taxes)
- For renters, your name must be on the lease, and you must have paid rent consistently
How Much You Could Receive – Up to $1,750
Eligible participants can receive substantial property tax rebates based on their income level:
| Income Bracket (2024) | Rebate Amount |
|---|---|
| $150,000 or less | $1,500 |
| $150,001 to $250,000 | $1,000 |
| Seniors (65+) under $150,000 | $1,750 (includes $250 bonus) |
Senior citizens can earn an additional $250 bonus, bringing their total rebate to $1,750. This extra payment aims to support older homeowners who often face financial challenges on fixed incomes.
At a time when homeownership is increasingly difficult, especially for younger families juggling property taxes and back-to-school expenses, this rebate program offers timely financial relief.
The ANCHOR rebate program presents a valuable opportunity for New Jersey residents to ease their property tax burden.
By ensuring you meet the income, residency, and application requirements, you could unlock up to $1,750 in cash rebates—a much-needed boost during challenging economic times. Eligible residents should submit their applications before the October 31 deadline to secure their benefits.
FAQs
Who can apply for the ANCHOR rebate in New Jersey?
Anyone who has been a New Jersey resident since October 2024, meets the income thresholds, and owns or rents a primary residence can apply.
When will ANCHOR rebate payments be sent?
The first round of payments is scheduled to begin on September 15 for eligible applicants who have already filed their claims.
How much can senior citizens receive from this program?
Seniors aged 65 or older with income under $150,000 can receive $1,750, which includes an extra $250 senior bonus.
