New Jersey Statutes Title 54. Taxation 54 § 4-8.61a

(1) a resident homestead owner 65 years of age or older with gross income not in excess of $250,000 for the tax year that is used to determine such resident homestead owner's eligibility for the ANCHOR Property Tax Relief Program is eligible for an additional benefit in the amount of $250; provided, however, the total benefits received by such resident homestead owner under the ANCHOR Property Tax Relief Program and this section shall not exceed the amount of property taxes paid by such resident homestead owner; and

(2) a resident 65 years of age or older whose homestead is a unit of residential rental property with gross income not in excess of $150,000 for the tax year that is used to determine such resident's eligibility for the ANCHOR Property Tax Relief Program is eligible for an additional benefit in the amount of $250.