On your income tax return
New Jersey homeowners and tenants can generally take a property tax deduction of up to $15,000 of property taxes paid (tenants count a portion of rent), or a $50 property tax credit, whichever is better. We calculate both.
ANCHOR
The Affordable New Jersey Communities for Homeowners and Renters program provides annual benefits to eligible homeowners and renters based on income, with benefits ranging from several hundred dollars for renters to over $1,000 for homeowners. It's applied for separately from your income tax return, and the deadlines and amounts are set each year in the state budget.
Stay NJ
Stay NJ is the state's newest program for senior homeowners (generally age 65 and older). It's designed to cover a portion of property taxes, with the first benefits paid in 2026. Income limits and maximum benefits have been adjusted in recent budgets, so eligibility should be checked each year.
Senior Freeze
The Senior Freeze (Property Tax Reimbursement) program reimburses eligible seniors and disabled homeowners for increases in property taxes on their home, subject to income and residency requirements.
How they interact
The programs have different applications, deadlines and income definitions, and some benefits offset others. A single annual review is the easiest way to make sure nothing is missed.
Frequently asked questions
Can I deduct property taxes on my New Jersey return?
Yes. Eligible homeowners and tenants can deduct up to $15,000 of property taxes paid, or take a $50 credit instead, whichever is more beneficial.
Is ANCHOR the same as the property tax deduction?
No. ANCHOR is a separate benefit program with its own application. You can generally receive ANCHOR and still claim the deduction or credit on your return.
Who qualifies for Stay NJ?
Senior homeowners, generally age 65 and older, who meet the program's income and residency requirements. The limits have changed in recent budgets, so check eligibility each year.
Do you file ANCHOR and Senior Freeze applications?
We review eligibility as part of preparing your New Jersey return and can help you complete the applications.