In our spotlight on Business Report tonight, another round of property tax relief is about to go out in New Jersey.

The states opening up the application process for the next distribution of anchor property tax rebates, this time for the year 2021.

Why 2021?

While New Jersey is still working through its backlog of rebates after the program was stopped during COVID.

So who qualifies and what's the timeline?

Here to offer some insight is budget and finance writer John Reitmeyer.

John, good to have you here.

It's great.

To be with.

You.

We know that during the budget process, there was talk of possibly the state reducing what the rebates would be under anchor.

Where did we end up?

What are folks able to qualify for?

It was definitely a tight budget year, but we ended up right where we were basically around this time last year.

And so the budget fully funded what's known as the anchor program.

Now.

We used to have a program in New Jersey called Homestead.

Within the last few years it's been changed over to anchor.

And the important change that happened as part of that new program is renters qualify again for benefits and recognizing that property taxes do place a burden on tenants because they're charged indirectly property taxes through their monthly rent payments.

And so now the anchor program is funded with more than $2 billion in the latest state budget.

And that will enable the paying out of benefits to homeowners.

So homeowners making up to 250,000 annually qualify, and also renters qualify, making up to 150,000 annually.

There are some caveats, are there not, for folks who make up to 150,000 annually and then 250,000.

What can you tell us about the different rebates at the different income levels?

That's right.

And as the way that the program's been, the architecture of the program basically is as you go up the income scale, you get a lesser benefit and it's trying to push the bigger benefits to those who are in the lower income that the the change happens at 150,000.

So if you're under 150,000, you get the bigger benefit.

If you're over, you get a slightly smaller one.

As a homeowner.

I think as a homeowner, it's $1,000 rebate, right?

If you're at 250,000 a year and it's 1500 up.

To 150,000 a year, So it's a little bit bigger there.

If you're a homeowner with under 150,000 in annual income.

And what about for renters?

For renters, it's a $450 tax benefit to rent or making up to 150,000 annually.

And again, that's as of the 2021 tax year.

And that speaks to that backlog you were talking about.

There have been a few years in the past where these types of programs have been interrupted because they're all subject to how the state budget is going in years when the budgets lean we've seen either the rebates not go out where they'll be delayed.

And so that's why you see this little backlog that the state is still working through.

Also important to note, in 2021, folks were still struggling coming out of the pandemic.

So this could be important relief for for some who whose income may have been affected at that time.

What's the timeline so that folks don't miss this application deadline.

And we're still waiting for the complete details to come out from the Department of Treasury, but they've indicated mid-August.

So keep an eye out.

This is the time just to plant that idea, to keep keep an eye out.

That August means that that's when the applications will go out to homeowners or renters.

That's right.

Or you'll get a letter the way it played out last year.

And we've been told it will play out similarly this year.

Will some will be automatically enrolled based on largely if you've been a part of this program previously, Treasury has automatically enrolled people in the past, and we've been told that's going to happen again.

And then for people who may be newly eligible, they'll also be applications going out and we've been told again, that this is going to happen in mid-August this year.

Last year, they got benefits out to those who are automatically enrolled by November one.

And then there was a deadline for people who are submitting new applications that was the end of December, and benefits were provided to that group on a rolling basis.

So something to look forward to as the year plays out now.

Yeah, and something to check the mail for, right?

Don't throw away those cards that come from Treasury.

Those are important.

Could be a lot of savings there.

All right.

John Reitmeyer thank you so much.

You're welcome.