$1,750 Stimulus Payment: What to Know About Your Payment Date
According to Marca, New Jersey has initiated a new round of financial relief under the ANCHOR program, aimed at alleviating the state’s notoriously high property taxes for both homeowners and renters. Payments ranging from $400 to $1,750 are being offered to help residents manage the financial burden of living in one of the highest-taxed states in the country.
Eligibility Criteria for the ANCHOR Program
Eligibility for the ANCHOR program is determined by whether you own or rent your home, as well as your income level. Homeowners can receive between $1,000 and $1,750, depending on their income and the value of their property. Generally, those with lower incomes and higher property values receive larger payments. If you received a stimulus check under this program last year and your financial situation has remained the same, you’re likely to be automatically eligible for the same payment again.
For renters, eligibility offers payments ranging from $400 to $700. While these amounts are smaller compared to what homeowners can receive, they are designed to help offset the rising costs of rent and other housing expenses, with income thresholds playing a significant role in determining eligibility.
Important Deadlines to Remember
Residents were required to update any personal information, such as changes in address or property ownership that could affect their eligibility, by September 15. The final deadline for submitting applications for this year’s payments is November 30. Missing this date could result in not receiving the stimulus payment.
When to Expect Your Payment
For those applying for the ANCHOR stimulus payments, the process is straightforward. If you applied last year and your situation hasn’t changed, your application will likely be processed automatically, requiring no further action. However, first-time applicants or those with updated information will need to complete a manual application, which will be mailed to them.
ANCHOR benefits will begin being distributed in early October and continue on a rolling basis. Most applicants can expect to receive their payment around 90 days after applying, unless further information is required to complete the application.
