Find out when to expect your ANCHOR refund here

NEW JERSEY – Some New Jersey residents may be anxiously checking their bank accounts as October begins, waiting to see when their ANCHOR property tax benefits will take effect.

The ANCHOR (Affordable New Jersey Communities for Homeowners and Renters) program is now in its third year and eligible residents can put between $450 and $1,750 back in their pockets.

This month the money will arrive for the 1.5 million people who were automatically enrolled this year. The state tax agency told Patch that payments are now being processed and the first round of checks and direct deposits are arriving Mid-October.

Other applicants will also receive their payments on an ongoing basis, approximately 90 days after submitting their application.

The tax department has updated its website so people can check whether the state has received their information and also look up their benefit status.

This year, the ANCHOR program is based on fiscal year 2021 tax information. Homeowners and renters can check their application status online by selecting this year from the options. On the website, users can see whether their application is still being processed and when the state has granted a benefit. Additionally, residents will be notified if the state has no record of processing their application.

About 2 million people are expected to receive an ANCHOR benefit this year, compared to 1.8 million last year and 1.6 million in 2022, according to a Treasury report released by the state legislature. The program served more than 2 billion last year US dollars paid out, officials said.