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New Jersey has expanded their tax relief program– $2 billion will be distributed

New Jersey governor has expanded the state’s tax relief program.

money rolls

More than $2 billion will be distributed among residents as tax relief.


Pennsylvania property tax rebate deadline has been extended– get a payment worth up to $975

Who is eligible?

The ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) Property Tax Relief Program has been revised and will go into effect on July 1. The revised plan will replace the Homestead Rebate Program– which helps 470,000 New Jersey homeowners every year, but excludes renters. Currently, the average benefit is $626.

New Jersey has the highest property tax rates in the United States, followed by Illinois and New Hampshire. Property taxes vary by city, but in New Jersey, the average is about 2.4%. For comparison, the national average is 1.07%.

How much you’ll get depends on your income and whether you rent or own:

  • The largest affected group will be homeowners that make less than $150,000: at least 870,000 of those households will be eligible for a $1,500 rebate
  • Homeowners with incomes between $150,000 and $250,000: At least 290,000 will be eligible for a $1,000 property tax credit per year
  • Renters with incomes up to $150,000: At least 900,000 are eligible for a $450 per year payment

However, New Jersey residents won’t see any rebates until May 2023.


The IRS might owe you money if you are still waiting on your tax refund check

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