The Treasury Department of New Jersey stated that they are still working on the last few applications before the roll-out of the property tax rebate checks.
The Treasury Department building of New Jersey (Photo: New Jersey Globe)
New Jersey Rebate Checks Still On Process
Gov. Phil Murphy announced the Affordable New Jersey Communities for Homeowners and Renters program during his budget address for the current year. The total number of applicants for the program went up to 1.7 million, with over 514,000 renters and 1.25 million homeowners. Last March, New Jersey released the rebate payments for the first batch through direct payments. Last April, rebate checks were finally used and most of the rebate payments were sent out in the same month.
However, the Treasury Department just revealed that they still have to process over 30,000 direct deposits or checks before sending them out. The question of why these remaining 30,000 are taking longer is because of the lacking required information and further verification. To solve this issue, the Department sent out letters to those who are lacking requirements for their checks so that they would be processed and sent out immediately after processing.
READ ALSO: All You Should Know About Montana Tax Rebates And How To Claim Them
All About the ANCHOR program
Gov. Murphy’s ANCHOR program is modeled after the Homestead Benefit tax relief program. Gov. Murphy announced the program last year during his budget address for 2023. Earlier this year, he stated that he plans to continue the program for the next fiscal year. Homeowners and renters who lived in their homes last October 1, 2019, are eligible for the program. However, their property taxes should be paid to their 2019 homes. This applies to both homeowners and renters.
Additionally, applicants must file or be exempted from the income taxes of New Jersey for them to receive the rebate money. The 2019 gross income limits must be also met by the applicants, which are $150,00 less for renters and $250,000 for homeowners.
READ ALSO: A Tax Relief Plan Worth $590M Has Just Been Approved By The State SenateÂ
