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Property Tax: Program to pay millions $700 toward property taxes

Over 1.8 million people will be getting help with their property tax after they were raised incredibly high in the state leading some of the highest rates.

house representing property tax for homeowners and renters

The Americans receiving help reside in the state of New Jersey.

The program is called ANCHOR Property Tax Relief and will give homeowners and renters $900 million collectively.

This will begin for the 2023 fiscal year.

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The program prior to this was called the Homestead Rebate Program, but it did not include those renting.

The average rate in New Jersey is 2.4%, compared to the national average of 1.07%.

How much can people expect to help with property tax?

The average people can expect is $700.

This will be specifically for property taxes.

The goal will be to bring costs to the same level they were in 2016.

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The plan is to continue the rebates and have them worth $1,150 by the year 2025.

Anyone who has an income of $250,000 and under will qualify.

Renters making $100,000 and under will get up to $250.

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