【N.J】 What are the revenue limits for N.J.’s property tax financial savings packages? – New Jersey News

Q. What are the revenue limits for the ANCHOR and Homestead Rebate packages gross or internet? Who qualifies?

— Home-owner

A. Nice query.

Let’s go over the main points.

ANCHOR, which stands for “Affordable New Jersey Communities for Homeowners and Renters,” has changed the Homestead Rebate program.

The submitting deadline for ANCHOR — the present profit covers the 2019 tax 12 months — is Dec. 30, 2022, stated Neil Becourtney, a licensed public accountant and tax accomplice with CohnReznick in Holmdel. The submitting deadline for the 2018 Homestead Profit was Nov. 30, 2021, he stated.

Becourtney stated a New Jersey resident who owned and occupied a house within the state that was their principal residence on Oct. 1, 2019, paid property taxes on that house and had 2019 New Jersey gross revenue of $250,000 or much less is eligible.

So on to your query, it’s gross revenue that issues.

There are further guidelines for a tenant to qualify for an ANCHOR profit, he stated.

You should have been a New Jersey resident, your 2019 New Jersey gross revenue should not have exceeded $150,000 and you need to have rented and occupied a residence within the state that was your principal residence on Oct. 1, 2019, he stated. Additionally, your identify should be on the lease or rental settlement, your lease should be paid and the property should be topic to native property taxes, he stated.

Purposes began to be emailed on Sept. 13, whereas paper functions will begin on Sept. 19. They are going to be despatched out on a rolling foundation via Sept. 30, the state Treasury Division stated. You’ll be able to see the mailing schedule right here.

For those who haven’t but obtained your utility, give it 10 days after your county’s mailing date, the Treasury Division stated. Then you possibly can name the ANCHOR Hotline at (888) 238-1233 for assist.

When you obtain the applying, you possibly can apply on-line or by cellphone at (877) 658-2972.

Advantages are anticipated to be paid out by Could 2023, the Treasury Division stated.

E-mail your inquiries to Ask@NJMoneyHelp.com.

Karin Worth Mueller writes the Bamboozled column for NJ Advance Media and is the founding father of NJMoneyHelp.com. Observe NJMoneyHelp on Twitter @NJMoneyHelp. Discover NJMoneyHelp on Fb. Join NJMoneyHelp.com’s weekly e-newsletter.