Stimulus Check Update: Residents of This State Have Days to File for Rebate

New Jersey residents have 11 days left to take advantage of a homeowner's rebate worth an average of $971.

The payments come courtesy of the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program. ANCHOR offers property tax relief to New Jersey residents who own or rent property in the state as their principal residence. They also must meet certain income limits.

However, time is running out to apply for this round of rebates. All residents must apply by December 29 to get the money.

After that, payments will be issued on a rolling basis, but the New Jersey Division of Taxation estimates that most applicants can expect their payment about 90 days after filing the application. All applications can be done online.

The ANCHOR program originally replaced the New Jersey Homestead Rebate program and now is accessible for up to 2 million taxpayers.

Previously, the Department of Treasury said more than 1.6 million residents already received their ANCHOR rebates, with checks worth as much as $1,750.

"The ANCHOR program is a significant move towards easing the financial burden of property taxes and rent, particularly beneficial in the post-federal stimulus economic landscape," Zack Hellman, the owner of Tax Prep Tech, told Newsweek.

The initial round of ANCHOR rebates was sent to roughly 1.7 million eligible homeowners and renters beginning last spring. The new round has increased $250 in potential rebate money.

Homeowners age 65 and older who make up to $150,000 can receive benefits for $1,750. For homeowners that age and making more than $150,000 and up to $250,000, the rebate is set at $1,250. Meanwhile, renters age 65 and older who make up to $150,000 can earn $700.

It's not just seniors who benefit, though.

Homeowners under 65 will still get $1,500 if making up to $150,000 annually, while those between $150,000 and $250,000 will see $1,000. Renters under 65 making up to $150,000 can get a $450 check.

New Jersey is not alone in offering residents tax benefits and rebates after federal stimulus payments ended, so Americans should check the options for the state they live in. Each state has specific rules for the programs, typically based on income and tax status.

Scott Bauer, the CEO of financial education firm Prosper Trading Academy, said New Jersey's rebate is different from many other rebate programs.

Alabama and Minnesota lawmakers created a rebate program based on their state's budget surplus, but New Jersey has offered the aid even without extra money in the bank.

"Unlike the rebates in other states where there was a budget surplus, New Jersey has one of the largest deficits in the nation," Bauer told Newsweek. "Their property taxes also remain the highest in the nation. Yes, this will help a large portion of New Jersey residents but will ultimately put the state in a bigger financial hole."