Homeowner
The benefit is calculated using your 2020 New Jersey gross income and cannot exceed the amount of property taxes paid. If your 2020 gross income exceeded $250,000 you are not eligible.
Benefit Amount
For 2020, applicants who were age 65 or older by December 31, 2020 will receive an additional $250.
| 2020 Gross Income (NJ-1040 Line 29) |
In 2020, age 64 or younger |
In 2020, age 65 or older |
| $150,000 or less |
$1,500 |
$1,750 |
| $150,001 - $250,000 |
$1,000 |
$1,250 |
Property Tax Credit
New Jersey Homeowners who are not required to file a New Jersey Gross Income Tax return (NJ-1040) are eligible for a Property Tax Credit of up to $50. If you were a resident homeowner on October 1, 2020, and not required to file an NJ-1040, your Property Tax Credit will be included in your ANCHOR benefit payment.
Cap on Property Tax Relief Benefits
The total amount of all property tax relief benefits you receive cannot be more than the property taxes paid on your principal residence (main home) for the same year (ANCHOR benefit, Senior Freeze, Property Tax Deduction for senior citizens/disabled persons, and Property Tax Deduction for veterans).
Renter
Benefit Amount
For 2020, applicants who were age 65 or older by December 31, 2020, will receive an additional $250.
| Age in 2020 |
64 or younger |
65 or older |
| Benefit Amount |
$450 |
$700 |
Property Tax Credit
New Jersey renters, age 65 and over, who are not required to file a New Jersey Gross Income Tax return (NJ-1040), are eligible for a Property Tax Credit of up to $50. If you were a renter in New Jersey on October 1, 2020, and not required to file an NJ-1040, your Property Tax Credit will be included in your ANCHOR benefit payment.
Official Site of The State of New Jersey