The Arizona Department of Revenue’s (ADOR) Unclaimed Property program returned $48.4 million to rightful owners in fiscal year 2019 (July 1, 2018 to June 30, 2019). Amounts given back ranged from $1 to $586,000.
In the past three fiscal years, about $170 million has been returned individuals and businesses.
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 Often property becomes unclaimed because the company that holds the funds has an outdated or the wrong forwarding address for its customer and in some cases, a person passes away with no family members aware of the assets.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.
The Department of Revenue’s 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 and a search function on the unit’s web page, works with other state agencies in Arizona and across the country to track unclaimed property owners and advertises in Arizona media.
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 Arizona Department of Revenue’s Unclaimed Property program, people can go to www.azdor.gov and click on the Unclaimed Property tab.
Wednesday, June 24, 2019