AMERICANS are getting ready for tax season as multiple deadlines are quickly approaching for individuals to cash in.
Individuals in Wisconsin have a small window to claim a payment to relieve the burden of property tax bills, while New Jersey‘s ANCHOR benefit application closes soon as well.
Both New Jersey’s ANCHOR program and Wisconsin’s Lottery and Gaming Credit are intended to provide property tax relief for qualifying Americans in the states.
Wisconsin residents who qualify for the state credit should fill out an application by January 31 to receive a credit worth $213 on average, according to the state’s Department of Revenue.
Those in New Jersey need an ANCHOR ID and PIN to apply for the program online or by phone by February 28 to receive the payment of up to $1,500, according to the New Jersey Treasury Division of Taxation.
Wisconsin residents who owned a house or an apartment as of January 1 in the year for which the credit is being claimed qualify for the Lottery and Gaming Credit.
For example, if you are claiming the credit for 2022, you must have owned your property on January 1, 2022.
The home or apartment of the Wisconsin resident seeking to apply for the credit must have been used as a primary residence, and it can be claimed only once.
The following types of property will not qualify for the Lottery and Gaming Credit:
- Vacant land
- Rental units
- Other property not identified as the owner’s primary residence
After filling out the application by Tuesday, January 31, don’t forget to return the form to your municipal treasurer.
It’s also by the DOR that Wisconsin residents should fill out an application after the property tax bill is received.
If the January deadline is missed, then residents can file a late application, which must be sent to the DOR by October 1.
“The treasurer will calculate the credit amount you should receive and either credits on your tax bill, or if you already paid the taxes, refund the credit to you,” the DOR said.
At the end of each year, Wisconsin determines how much is available from revenue the state generates from the lottery, including track betting and bingo for the year.
The state then opens up applications for property owners to claim a Lottery and Gaming Credit.
While the average amount of $213 checks from 2022 is less than the $230 distributed from 2021 funds, it is up from the previous two year’s $160 and $184, respectively.
NEW JERSEY ELIGIBILITY
The ANCHOR program gives property tax relief to New Jersey residents who owned or rented their main residence on October 1, 2019, and met the income limits.
New Jersey homeowners with an income of $150,000 or less will receive $1,500, while those with an income of more than $150,000 and up to $250,000 will receive $1,000.
Renters with an income of $150,000 or less will receive $450, according to the Treasury Office.
In September 2022, the New Jersey Treasury office sent filing mailers to homeowners and instructs homeowners who did not receive the mailer to file online.
“You will need an ID and PIN as well as your 2019 New Jersey gross income amount to do so,” The Treasury Office informed.
Renters don’t need an ID or PIN to file for the program and Homeowners who filed a 2018 Homestead Benefit application can get their ID and PIN through the application.
ANCHOR benefit payments will start being sent out by the office in late spring.
The benefits will not be credited to property tax bills, the payments will be paid in the form of a direct deposit or check.
Maine’s winter energy relief program will see that nearly a million Americans receive payments worth $450 that start getting sent out at the end of this month.
Idaho Residents who filed 2020 and 2021 taxes are eligible for a tax rebate of either 10 percent of the tax amount on their 2020 income or $300.
Filers in Idaho will receive whichever amount is greater and joint filers will get $600.
In Cook County, Illinois, participants chosen from a lottery continue to receive $500 payments over a two-year period.
The monthly Illinois payments started going out in December from the $42million program, which is the largest guaranteed income pilot in the country.
A guaranteed income program in Alexandria, Virginia called Alexandria Recurring Income for Success and Equity, or ARISE, is giving 170 participants $500 a month for two years.
The first debit-like cards for qualifying Virginians are scheduled to go out the last week of January.