Over 2 million Americans will soon see up to $1,500 thanks to the ANCHOR Property Tax Relief program, which send tax rebates.
Over $2 billion dollars will go out to homeowners and renters.
Previous payments sent to Americans were worth $700.
This is a replacement program for the Homestead Rebate Program, which services 470,000 New Jersey residents who own homes.
It did not serve renters.
The average benefit for this program is $626.
Eligibility for the tax rebate
What you receive will depend on your income and if you rent or own your home.
The biggest group to be impacted is homeowners who make under $150,000.
Starting in 2023, at least 870,000 homeowners will see a $1,500 tax rebate.
Those who make between $150,000 and $250,000 will see a $1,000 tax rebate.
Renters that make up to $150,000 will see a $450 payment.
Property taxes are used to fund public places like schools, parks, pools, roads, emergency services, and the local government.