The Arizona Department of Revenue’s (ADOR) Unclaimed Property program is searching for members of the U.S. military who have unclaimed funds in their names from when they were stationed in Arizona.
The agency has identified more than 14,000 military personnel with last known Arizona addresses from Camp Navajo Army Base, Fort Huachuca Army Base, Luke Air Force Base, Tucson’s Davis-Monthan Air Force Base, Yuma Proving Ground Army Base, and Marine Corps Air Station (MCAS) Yuma.
Some dating back over 30 years, these properties total $7 million, with the largest property due to a single owner being $136,217.
Currently, military members with large properties will receive a notice with the goal the property owner or family member will contact ADOR’s Unclaimed Property Unit.
Unclaimed property generally consists of money due to an individual from sources like old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates, returned deposits, and dormant safe deposit boxes. Often, the company holding the funds has an outdated or the wrong forwarding address for the customer, and in some cases, a person passes away with no family members aware of the assets.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 returns the property to owners who provide documentation showing their right to claim the assets. Claimants must include a valid photo ID and documentation linking them to the owner’s last known address with their claim form. Claimants must also provide documentation demonstrating a legal right to claim any property listed in another name.
Every year, the ADOR Unclaimed Property program returns millions of dollars to claimants, including $42.5 million in 2019-2020. In the past three fiscal years, about $155 million has been returned to individuals and businesses.
For more information on the Unclaimed Property program, including how to make claims and frequently asked questions, go to https://www.azdor.gov and click on the Unclaimed Property tab.
Tuesday, November 10, 2020