Valley residents could be in for an unexpected payday as the Arizona Department of Revenue is attempting to locate owners of more than $900 million in unclaimed property that belonged to 1.1 million people with addresses in Maricopa County.
According to a press release, unclaimed property usually consists of money due to an individual from old bank accounts, uncashed payroll checks, tax refunds, credit balances, rebates, returned deposits and dormant safe deposit boxes.
The property could become unclaimed due to the recipient having an outdated or wrong forwarding address, or the person passing away with no family members who are aware of the assets.
Notices to potential property owners are being sent out by the agency in order to return the funds, some of which date back more than 30 years.
Property is returned to owners who prove their right to claim the assets.
To do so, an individual would need valid ID and documentation linking them to the owner’s last known address.
The person must also show documentation that proves a legal right to claim property listed under another name.
The unclaimed property program returned $48.4 million to owners in fiscal year 2019.
Unclaimed assets in the state currently stands at $1.5 billion, all of which is being safeguarded by the agency.
Click here to read the full press release.
