As 2025 begins — and the launch of the much-discussed StayNJ program is now less than a year away — the third round of payouts for the popular ANCHOR property tax relief program should have reached eligible New Jersey homeowners and renters.
While some applications for the third round are still processing, more than $2.2 billion has been distributed to more than 1.9 million people throughout the Garden State.
The state’s Treasury Department has praised the ANCHOR program as the single largest property tax relief program in state history. Payouts for the third round, which were distributed starting in November for tax year 2021, included payments ranging from $450 to $1,750.
Though the payouts were first issued in October and continue on a rolling basis, the deadline to apply officially passed at the end of December.
A spokesperson for Treasury said the department can’t give a specific number of pending applications because it is “constantly in flux day-to-day” but “benefits can take up to 90 days to process from the date an applicant filed their application,” and from there it is another few weeks for the payment to be sent via direct deposit or check.
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Applicants can track the status of their benefit online at anchor.nj.gov. Those dealing with issues can call the ANCHOR hotline at 609-826-4282 or 888-238-1233.
Treasury said the first year of the program saw more than 1.6 million renters and homeowners receive more than $1.8 billion in payouts. That grew to more than 1.8 million homeowners and renters in the second year for a total of more than $2.2 billion in payouts.
In all, more than 5.3 million recipients have received payouts totaling more than $6.2 billion.
Will the program change?
The fourth round of ANCHOR is expected to launch this year, with payments expected in the fall, but in 2026 that may change.
StayNJ — which has been receiving funding for years, though it hasn’t started yet — is expected to launch in 2026 and could affect the way ANCHOR works, at least for residents 65 and older.
Legislation signed by Gov. Phil Murphy in 2024 requires a single application process for all of the state’s property tax relief programs — including StayNJ and ANCHOR — that runs from Feb. 1 through Oct. 31 of each year. It also requires ANCHOR payouts to take place in September.
While ANCHOR is open to homeowners and renters of all ages, StayNJ is a state tax program open only to residents 65 and older, in an effort to keep seniors in New Jersey during their golden years by lowering property taxes.
Residents eligible for both programs would not get multiple payouts, though. Those who receive a combined homestead property tax reimbursement and ANCHOR payment of more than half of their property tax bill wouldn’t get StayNJ, and those who receive less than half their property tax bill would get a StayNJ credit to bring their total to half of their property tax bill.
Lawmakers started setting money aside for StayNJ two years ago and are expected to have about $300 million for it built into the budget plan that goes into effect July 1. It’s expected to cost about $1.3 billion and benefit seniors with incomes of up to $500,000, with a projected 90% of eligible recipients having incomes of less than $200,000.
Katie Sobko covers the New Jersey Statehouse. Email: sobko@northjersey.com
This article originally appeared on NorthJersey.com: NJ ANCHOR property tax rebates 2025: How much NJ paid out