Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns about right now? Stop reading and call me on (732) 673-0510.

ANCHOR = Affordable New Jersey Communities for Homeowners and Renters

ANCHOR replaces the Homestead Benefit program.

The first year of this is 2019. No, that is not a typo. NJ is slightly behind. So if you get a mailer that references 2019, do NOT throw it away.

Attention ANCHOR Applicants

The deadline for filing your ANCHOR benefit application is December 30, 2022. NJ will begin paying ANCHOR benefits in the late Spring of 2023. ANCHOR payments will be paid in the form of a direct deposit or check, not as credits to property tax bills. NJ is currently mailing ANCHOR benefit information mailers to homeowners and tenants. Allow until the first week in October to receive your mailer. Homeowners who filed a homestead benefit application last year may be able to obtain their ID and PIN numbers online. Tenants do not need an ID or PIN number to file. Visit the Division’s ANCHOR page for all filing information. Due to high call volume, the ANCHOR and Homestead Benefit Hotline may be unable to take your call at certain times. 

Homeowners

You are considered a homeowner if, on October 1, 2019, you:

  • Owned a house,
  • Owned a condominium and paid property taxes on your unit;
  • Were a resident shareholder of a cooperative housing complex;
  • Were a resident of a continuing care retirement community and your continuing care contract requires you to pay the proportionate share of property taxes attributable to your unit.

You do not qualify if your residence was completely exempt from paying property taxes or you made P.I.L.O.T. (Payments-in-Lieu-of-Tax) payments.

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, 2019; and
  • 2019 property taxes were paid on that home; and
  • Your 2019 New Jersey gross income was $250,000 or less.

If you were not a homeowner on October 1, 2019, you are not eligible for a homeowner benefit, even if you owned a home for part of the year.

If you rented your main home on October 1, 2019, see Tenants below for information on how to file as a tenant.

You should file electronically – either online or by phone (1-877-658-2972), unless you are required to file a paper application. Go to the How To File box below to learn more and file.

Homeowners CLICK HERE to learn more.

Tenants

You are considered a tenant if, on October 1, 2019, you:

  • Rented an apartment, condominium, or house;
  • Rented or owned a mobile home located in a mobile home park.

You do not qualify if you lived in tax-exempt, subsidized, or campus housing.

You are eligible for a 2019 ANCHOR benefit if you met these requirements:

  • You were a New Jersey resident; and
  • Your 2019 New Jersey gross income was not more than $150,000; and
  • You rented and occupied a residence in New Jersey that was your principal residence (main home) on October 1, 2019; and
  • Your name was on the lease or rental agreement; and
  • You paid rent; and
  • Your unit had its own separate kitchen and bath facilities, if the building consisted of multiple units; and
  • The rental property was subject to local property taxes, (see Qualified and Non-Qualified Rental Properties).

Tenants CLICK HERE to learn more.

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

#anchor #njanchor #incometaxes #incometax  #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

Print Friendly, PDF & Email