Arizona Department of Revenue returns $42.5M in unclaimed property

Aug 7, 2020, 3:00 PM
(Pexels Photo)...
(Pexels Photo)
(Pexels Photo)

PHOENIX — The Arizona Department of Revenue returned $42.5 million in unclaimed property to owners for the 2020 fiscal year, the agency announced Thursday.

Over 59,000 properties were returned to nearly 15,000 claimants that ranged in value from $1 to $361,000, according to a press release.

Approximately $155 million has been returned to individuals and businesses over the last three fiscal years.

Unclaimed property refers to money owed an individual or business from old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates, returned deposits and dormant safe deposit boxes.

Property typically becomes “unclaimed” because the holder of the funds has an outdated address or the wrong forwarding address.

Sometimes when a person dies, no family members are aware of the assets. Most accounts are then turned over to the state following several years of inactivity.

ADOR’s Unclaimed Property unit is designated to collect, safeguard and distribute unclaimed property.

The agency sends out thousands of notices to potential property owners each year and only returns property to those who provide proper documentation.

Claimants must provide a valid photo ID, documentation linking them to the owner’s last known address and documentation showing a legal right to claim any property listed in another name.

In order to prevent fraud, the department will never use text messages to locate the owners of unclaimed property.

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Arizona Department of Revenue returns $42.5M in unclaimed property