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Arizona looking to return $65 million to rightful owners

The state agency in charge of tax collection has $65 million it’s trying to return to 5,000 rightful owners.

The Arizona Department of Revenue is sending out notices to potential property owners and their families in an attempt to return the money. Some of the properties date back 30 years, with one owed $1.5 million.

Unclaimed property generally consists of money owed 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Often property becomes unclaimed because the company that holds the funds has an outdated or the wrong forwarding address for its customer, and in some cases a person passes away with no family members aware of the assets.

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.

ADOR’s Unclaimed Property program returned $48 million to rightful owners in fiscal year 2021 (July 1, 2020 to June 30, 2021).

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The state has unclaimed property — like old bank accounts and tax refunds —and it' s looking for whom the money belongs to,