Chatham Borough Encourages Eligible Homeowners and Renters to Apply for Historic Property Tax Relief through the State’s New ANCHOR Program

Chatham Borough Encourages Eligible Homeowners and Renters to Apply for Historic Property Tax Relief through the State’s New ANCHOR Program

Chatham Borough would like to inform residents – both homeowners and renters – of new opportunities for property tax relief under the state’s new Affordable NJ Communities for Homeowners and Renters (ANCHOR) program. This program replaces the previous Homestead Rebate Benefit and expands both the size of the benefit and the number of eligible applicants.

Homeowners with incomes up to $150,000 will receive $1,500 in relief; with incomes between $150,000-250,000 will receive $1,000; and renters with incomes up to $150,000 will receive $450 to help offset rent increases. 

“With the expansion of this program many more Chatham Borough residents will be eligible for property tax relief,” said Borough Council Member and Budget and Finance Chair Karen Koronkiewicz.

Instructions on how to file for the new program are being mailed out to eligible residents, officially launching the largest property tax relief initiative in New Jersey history. The information can also be found online:

NJ Division of Taxation - ANCHOR Program

“The ANCHOR program will deliver real, tangible property tax relief to both homeowners and renters, a historic step toward making New Jersey a more affordable state,” said Governor Phil Murphy in an announcement earlier this week.

To be eligible for this year’s benefit, homeowners and renters must have occupied their primary residence on October 1, 2019 and file or be exempt from NJ income taxes.

ANCHOR Payments will be issued in the form of checks or direct deposits and sent no later than May 2023 to allow time for application processing and validation. Payments will not be subject to federal or State income tax.

Eligible homeowners can apply online, by phone, or via paper application, which can be downloaded online and returned by mail. Renters can apply online, or download the application from the Taxation website and return by mail (there is no phone option for tenants, as this is the first time this group will be eligible for property tax relief).

The deadline for filing is December 30, 2022.

For more information, visit: nj.gov/treasury/taxation/anchor/ or call the ANCHOR hotline at 1-888-238–1233.

Seniors eligible for the state’s Senior Tax Freeze program can receive both benefits. “These programs are not mutually exclusive,” said Council Member Len Resto, “and we seniors will take all the help we can get.” Information on the Senior Tax Freeze program are available at this link:

https://www.state.nj.us/treasury/taxation/ptr/index.shtml