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Deadline for tax refund

Deadline for tax refund

Residents of the US state of New Jersey have until Friday, December 29 to file their tax refunds. These discounts are in response to the New Jersey Affordable Communities for Homeowners and Renters (ANCHOR) program.

The initiative pays a portion of property taxes to landlords and their tenants who rent spaces. Eligible people started depositing their money in October this year.

Officials say the government has three months to disburse the funds from the time the demand is submitted. ANCHOR organizers note that there are certain requirements to access the program, such as earning a maximum income. Additionally, it has been clarified that these refund payments are consistent with the tax lines for 2020.

Homeowners must reside in principal residences in New Jersey as of October 2020. The total income of these individuals cannot exceed $250,000.00 USD that year.

Money to distribute

Citizens have the option to make these requests officially or by calling 877-658-2972. To perform these operations, it is necessary to provide identification numbers (ID) and unique numbers (PIN).

Officials warn that if owners apply changes to their documents, are divorced or widowed, they must apply for the program by mail. Owners under the age of 65 and with a gross income of less than $150,000.00 USD will receive a refund of $1,500.00 USD. Meanwhile, seniors get $1,750.00 USD.

Owners under the age of 65 and gross income between $150,001.00 USD and $250,000.00 USD $1,000.00 USD. If residents exceed this age, they are entitled to $1,250.00 USD.

Tenants residing in the state as of October 1, 2020 cannot have a gross income exceeding $150,000.00 USD. These persons must have a legal tenancy agreement and cannot incur rent arrears.

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It is important that rental properties are included in the property tax calculation. Tenants under the age of 65 earn $450.00 USD and seniors earn $700.00 USD.