Arizona Department of Revenue returns $48M in unclaimed property

Sep 11, 2021, 5:00 AM

(Pixabay photo)...

(Pixabay photo)

(Pixabay photo)

PHOENIX — The Arizona Department of Revenue announced Thursday $48 million in unclaimed property has been returned to owners for the 2021 fiscal year.

The agency returned about 83,000 properties to over 13,000 claimants that ranged in value from $1 to $166,000, according to a press release.

In the past three fiscal years, approximately $138 million has been returned to individuals and businesses.

Unclaimed property refers to money owned to a business or individual from origins including old bank accounts, uncashed payroll checks, returned deposits and dormant safe deposit boxes, the release said.

Property generally becomes unclaimed because companies often have outdated addresses or incorrect forwarding addresses.

The agency said that owners of unclaimed funds may pass away with no family members aware of the assets. Following years of inactivity, many accounts are turned over to the state.

ADOR encouragers taxpayers to annually search for unclaimed property on the agency’s website as new properties are always entering the program.

Claimants will be required to show a valid ID photo, documentation linking them to the owner’s last known address and documentation showing a legal right to claim any property listed in someone else’s name, the release said.

To prevent fraud, the department said it doesn’t use text messages to find the owners of unclaimed property.

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Arizona Department of Revenue returns $48M in unclaimed property