Future of ANCHOR Rebate Up in the Air Amid Sherrill’s Budget Plans

New Jersey ranks #1 in the country for the highest property tax rates. Homeowners here pay a bigger percentage of their home’s value in property taxes than anywhere else in the U.S. In other words, when it comes to property taxes, Jersey sits at the top of the list, and not in a good way.

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What is the New Jersey Anchor Tax Rebate?

The ANCHOR Tax Rebate is a property tax relief program in New Jersey that gives money back to eligible homeowners and renters. It’s meant to ease the pinch of high property taxes in New Jersey by sending a rebate payment based on your income, age, and whether you own or rent your main home.

If you qualify, the state sends you a check to help offset what you’re paying in property taxes or rent.

Are the New Jersey ANCHOR Tax Rebates In Jeopardy of Being Cut?

 
According to a recent Patch article, "The Garden State is facing a $3 billion deficit as it heads into Mikie Sherrill’s inaugural budget address. And while the governor has eliminated some options for closing the gap, some painful cuts may be on the way."

Could the popular ANCHOR Tax Rebate or the Stay NJ program be on the chopping block? Right now, it’s possible. Is the state considering trimming the ANCHOR rebate or Stay NJ? For now, nothing’s off the table.

Only time will tell whether Sherrill has to make these cuts, and I'm sure taxpayers will be eager to see the outcome.