The Arizona Department of Revenue’s (ADOR) Unclaimed Property program is reaching out to all 15 counties in the state to locate thousands of people who may have funds they are entitled too and are not aware of the assets.
Over the next nine months, the agency is sending out notices to potential property owners and their families with last known addresses in each county to attempt to return the funds.
Each year, millions of dollars in unclaimed assets are given back to rightful owners by the agency and in fiscal year 2019 (July 1, 2018 to June 30, 2019), $48.4 million was returned. At present, ADOR is safeguarding more than $1.5 billion in unclaimed assets – some dating back more than 30 years.
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 Often property becomes unclaimed because the company that holds the funds has an outdated or the wrong forwarding address for its customer and in some cases, a person passes away with no family members aware of the assets.
ADOR returns property to owners who provide documentation showing their right to claim the assets. 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 Unclaimed Property program, including how to make a claim and frequently asked questions go to www.azdor.gov and click on the Unclaimed Property tab.
Thursday, September 12, 2019