We, seniors, have a better idea about how to spend that $900M set aside for the Anchor Program | Opinion

Ellen Steinberg, director of the New Jersey Senior Council, and Peter Humphreys, a New Jersey finance attorney, say with all the extra billions just “found” by the New Jersey Treasurer’s Office there is plenty of money to catch people up with what they are owed by the state under the Homestead Benefit Program and fund the newly proposed participants in the Anchor Program.Every year on June 30, the New Jersey State Legislature must approve a new state budget for the upcoming fiscal year.

The Homestead Benefit Program had its payments postponed by the Legislature because of COVID budget concerns and currently runs four years behind. Credit for property taxes paid in 2018 by Homestead Benefit recipients was just given this May 2022. According to the New Jersey Department of Treasury, homeowners who will be receiving the Anchor Program will get a credit on their May 2023 property tax bills for property taxes they paid in 2019. Rather than “catching up” with benefits for 2020, 2021 and 2022 property taxes paid by existing participants in the Homestead Benefit Program, the new Anchor Program starts off over four years behind for everyone.

Another new group added to the Anchor Program is renters. Most renters with incomes below $100,000 can receive a flat rebate of $150. Those who are seniors, blind or disabled with incomes below $70,000 can get $250. This is based on the idea that part of the rent is indirectly attributable to property taxes paid by landlords. This concept is already used to reduce New Jersey state income taxes for renters.

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