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Pompton Lakes, N.J. - September 27, 2022 - The Borough of Pompton Lakes would like to inform residents – both homeowners and renters – of new opportunities for property tax relief under the state’s Affordable NJ Communities for Homeowners and Renters (ANCHOR) program. This program replaces the previous Homestead Benefit and expands both the size of the benefit and the number of eligible applicants.
Homeowners with incomes up to $150,000 will receive $1,500 in relief; with incomes between $150,000-250,000 will receive $1,000; and renters with incomes up to $150,000 will receive $450 to help offset rent increases.
Instructions on how to file for the new program are being mailed out to eligible residents, officially launching the largest property tax relief initiative in New Jersey history. Eligibility can be found below, as well as online at: www.state.nj.us/treasury/taxation/anchor.
You are eligible if you meet these requirements:
If you were not a homeowner on October 1, 2019, you are not eligible for a homeowner benefit, even if you owned a home for part of the year.
You are considered a homeowner if, on October 1, 2019, you:
You do not qualify if your residence was completely exempt from paying property taxes or you made P.I.L.O.T. (Payments-in-Lieu-of-Tax) payments.
Eligible homeowners can apply online, by phone, or via paper application, which can be downloaded online and returned by mail.
You are considered a tenant if, on October 1, 2019, you:
You do not qualify if you lived in tax-exempt, subsidized, or campus housing.
Renters can apply online or download the application from the Taxation website below and return by mail (there is no phone option for tenants, as this is the first time this group will be eligible for property tax relief).
ANCHOR Payments will be issued in the form of checks or direct deposits and sent no later than May 2023 to allow time for application processing and validation. Payments will not be subject to federal or State income tax.
The deadline for filing is December 30, 2022.
For more information, visit www.state.nj.us/treasury/taxation/anchor or call the ANCHOR hotline at 1-888-238–1233.
Seniors eligible for the state’s Senior Tax Freeze program can receive both benefits. As the programs are not mutually exclusive, we encourage seniors to register to receive both benefits. Information on the Senior Tax Freeze program is available at: https://www.state.nj.us/treasury/taxation/ptr/index.shtml.