The Arizona Department of Revenue’s (ADOR) Unclaimed Property program is looking for members of the U.S. military who have unclaimed funds in their names from when they were based in Arizona.
The agency has identified more than 8,800 military personnel with last known Arizona addresses from Luke Air Force Base, Tucson’s Davis-Monthan Air Force Base, Fort Huachuca Army Base, Yuma Proving Ground Army Base, Camp Navajo Army Base and Marine Corps Air Station (MCAS) Yuma.
These properties, some dating back over 30 years, total $2.3 million with the largest property due to a single owner being $86,034.
The agency is currently sending notices to the military member’s last known Arizona base or most current address with the hope the property owner or family member will contact ADOR Unclaimed Property.
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 Often property becomes unclaimed because the company that holds the funds has an outdated or the wrong forwarding address for its customer and in some cases, a person passes away with no family members aware of the assets. 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 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.
Every year, the ADOR Unclaimed Property program returns millions of dollars to claimants, including $48.4 million in 2018-2019 and ranging from $1 to $586,000. In the past three fiscal years, about $170 million has been returned to individuals and businesses.
For more information on the Unclaimed Property program, including how to make claim and frequently asked questions can go to www.azdor.gov and click on the Unclaimed Property tab.
Tuesday, November 12, 2019