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Division of Taxation

How ANCHOR Benefits Are Calculated and Paid


Homeowner

The benefit is calculated using your 2021 New Jersey gross income and cannot exceed the amount of property taxes paid. If your 2021 gross income exceeded $250,000, you are not eligible.

Benefit Amount

For 2021, applicants who were age 65 or older by December 31, 2021, will receive an additional $250.

2021 Gross Income (NJ-1040 Line 29) In 2021, age 64 or younger In 2021, age 65 or older
$150,000 or less $1,500 $1,750
$150,001 - $250,000 $1,000 $1,250

Property Tax Credit

New Jersey homeowners, age 65 and over, 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, over 65, on October 1, 2021, and did not claim a $50 Property Tax Credit on the NJ-1040, the credit will be included in your ANCHOR benefit payment.

Cap on Property Tax Relief Benefits

The total amount of all property tax relief benefits you receive cannot be more than the property taxes paid on your principal residence (main home) for the same year (ANCHOR benefit, Senior Freeze, Property Tax Deduction for senior citizens/disabled persons, and Property Tax Deduction for veterans).


Renter

Benefit Amount

For 2021, applicants who were age 65 or older by December 31, 2021, will receive an additional $250.

Age in 2021 64 or younger 65 or older
Benefit Amount $450 $700

Property Tax Credit

New Jersey renters, age 65 and over, 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 renter, over 65, in New Jersey on October 1, 2021, and did not claim a $50 Property Tax Credit on the NJ-1040, the credit will be included in your ANCHOR benefit payment.


Last Updated: Friday, 08/16/24