The Arizona Department of Revenue’s (ADOR) Unclaimed Property program returned $42.5 million to rightful owners in fiscal year 2020 (July 1, 2019 to June 30, 2020).
In the past three fiscal years, about $155 million has been returned to individuals and businesses.
Amounts given back to individuals ranged from one dollar to $361,000. Approximately 59,300 properties were returned to over 14,900 claimants.
Unclaimed property generally consists of money due to an individual from sources including old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates, returned deposits, and dormant safe deposit boxes. Often property becomes unclaimed because the company that holds the funds has an outdated address or the wrong forwarding address for its customer. In some cases, a person passes away with no family members aware of the assets. Most accounts are turned over to the state after several years of inactivity.
ADOR Unclaimed Property unit’s mission is to efficiently and effectively collect, safeguard, and distribute unclaimed property. Each year, the agency sends out thousands of notices to potential property owners, features claimant information through a search function on the unit’s website, advertises in Arizona media, and works with other state agencies in Arizona and across the country to track unclaimed property owners.
Be advised that the Department of Revenue will never use text messages to locate the owners of unclaimed property.
ADOR returns property to owners who provide documentation showing their right to claim the property. Claimants must include with their claim form a valid photo ID, such as a driver’s license or other applicable identification, and documentation linking them to the owner’s last known address. Claimants must also provide documentation demonstrating a legal right to claim any property listed in another name.
For more information on the Arizona Department of Revenue’s Unclaimed Property program, customers can go to https://azdor.gov/unclaimed-property.
Thursday, August 6, 2020