Makes permanent additional $250 ANCHOR property tax benefit for certain senior citizen homeowners and tenants.

2026-2027 Regular Session Introduced by Dawn Fantasia and 2 co-sponsors

Makes a permanent, annual $250 ANCHOR property tax relief for eligible seniors 65+ (owners or rental residents) paid through the existing ANCHOR process.

Introduced, Referred to Assembly State and Local Government Committee

Purpose and intent

A 5093 (Session 222, New Jersey) seeks to make permanent the additional $250 ANCHOR property tax reliefs for certain senior citizen homeowners and tenants.

The bill would codify in statute that the extra $250 benefits, which have been paid since State Fiscal Year 2024, continue in perpetuity (i.e., beyond 2026) and be paid annually in the same manner as existing ANCHOR benefits.

Key provisions and changes

Amends Section 15 of P.L.2023, c.75 (C.54:4-8.61a) to:

Establish an ongoing, annual additional $250 ANCHOR benefit for: 1) Resident homestead owners who are 65 years of age or older with gross income not exceeding $250,000 for the tax year used to determine ANCHOR eligibility. The total of all ANCHOR benefits (regular plus this additional amount) cannot exceed the property taxes paid by the owner. 2) Residents who are 65+ and whose homestead is a unit of residential rental property with gross income not exceeding $150,000 for the same tax-year measure.
Require the additional $250 benefits to be paid annually in the same manner, timing, and through the same application process as other ANCHOR benefits.

Effective date: Immediate upon enactment.

Who would be affected

Eligible senior citizens aged 65 or older:

Owners of principal residences meeting income limits ($250,000 or less for homeowners; $150,000 or less for rental property residents).
Renters who reside in rental units classified as their principal residence and who meet the rental-income threshold.

All current recipients of ANCHOR benefits would see an additional $250 in annual relief if they meet the corresponding income criteria.

Property tax-relief program administrators (state, counties, and municipalities processing ANCHOR applications) would process this additional benefit within the existing ANCHOR framework.

Procedural and timeline aspects

The added benefit is paid annually and at the same time and in the same manner as other ANCHOR benefits.

The timing previously limited the extra $250 relief to State Fiscal Years 2024–2026; this bill removes the sunset, making the benefit permanent.

The bill would take effect immediately upon enactment, with ongoing annual payments as part of the ANCHOR program.

Summary of impact

Fiscal/budgetary: Permanent annual cost associated with continuing an extra $250 for eligible seniors; exact Board of Public Utilities/State Treasury funding implications depend on annual appropriations and ANCHOR program funding.

Social/policy: Provides sustained additional property tax relief for low- to moderate-income seniors, enhancing financial stability for homeowners and senior renters.

Administrative: Keeps the extra benefit aligned with the current ANCHOR application process, simplifying administration for both applicants and program administrators.