Governor Phil Murphy and Treasurer Elizabeth Maher Muoio today announced that approximately 1.7 million New Jersey homeowners and renters applied for the first year of the State’s historic ANCHOR property tax relief program. Of the applications, more than 1.1 million were filed by homeowners and more than 480,000 were filed by renters, who were eligible for property tax relief for the first time in a generation.
The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief program was announced in the Fiscal Year 2023 State budget, replacing the Homestead Benefit program and expanding the number of eligible taxpayers. While originally slated for a three-year phase-in, the $2 billion ANCHOR program was fully funded in the FY2023 appropriation. Governor Murphy announced in his FY2024 Budget Address Tuesday that the program would again be fully funded.