A large number of New Jersey residents are set to receive tax relief payments as part of the Affordable New Jersey Communities for Homeowners and Renters, or ANCHOR, program. Last year, more than 2 million rebates totalling $2.3 billion were issued by the New Jersey Department of the Treasury as part of this program.

What is ANCHOR?

This tax relief applies to people who live in the state as owners or renters of premises. According to whyy.org, Marita R. Sciarrotta, director of the New Jersey Division of Taxation, explained that homeowners earning $250,000 or less are entitled to tax benefits of $1,000. Those who happen to be above 65 will be eligible to receive $250.

“All tenants are entitled to, or eligible for $450; if they are over the age of 65, they are entitled to another $250

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