The State of Arizona has kept $400 Million as unclaimed property and this property belongs to one million citizens. Aim of the Arizona Unclaimed Property Division is to efficiently and effectively collect, protect, and hand out Unclaimed Property to the legal owners through prompt and courteous service. Moreover, the particular department of unclaimed property also provides education to the public and holders about Unclaimed Property Laws.
The number of unclaimed properties reported to the Arizona Unclaimed Property Division in fiscal year 2008 totaled 313,756 with total collections equaling more than $136.4 Million. The claims processing staff only returned 30,433 properties valued at $27.8 Million to rightful owners. The average time to process and pay a claim was 67 days. The prior fiscal year of 2007 Arizona’s Unclaimed Property Division collected $97.1 Million in unclaimed property. In spite of the rising awareness of unclaimed property this unclaimed money just keeps growing.
Property turns into unclaimed property when there has been no owner contact for a particular period of time, usually between one to five years. When the holder fails to locate the legal owner of the property, the property should be turned over to the Department of Revenue of the State as the particular department is responsible for protecting the property, stabbing to locate the owner, announcing the names of apparent owners who cannot be located otherwise. It’s responsibility of the department of revenue to return the assets to the legal owners as they step forward.
When efforts by the holder to locate the owner fail, the funds go into the possession of the Arizona Unclaimed Property Division of the Department of Revenue who is then responsible for safeguarding the funds, attempting to locate the owners, publicizing the names of apparent owners who cannot be located otherwise, and returning the assets to the owners as they come forward.
Businesses should report Arizona unclaimed assets before 1st November for the fiscal year ending that same year. Moreover, a business should keep records on Arizona unclaimed land as well as other assets for five years after the property is reported as unclaimed or three years for money orders or other financial documents. Failure to abide by Arizona escheatment yields penalties under the law.
How to Claim Unclaimed Property
In Arizona, you can put forward a request for your unclaimed property through a claim form provided by Arizona’s department of Revenue. You can request for claim form if any of the following situations become true for you.
- Claiming property that belongs to your business
- Claiming on behalf of a partnership, organization, or corporation
- Claiming on behalf of deceased individual
- Claiming on behalf of the one other than yourself who is still living
- Claiming property for being original owner
Just click on the kind of claiming you need to proceed and you would be provided with the required claim form. The provided online form contains all instructions to be followed in order to fill out the form. However, you can also perform an online search for your unclaimed property residing at Arizona’s treasury.
Where to Send Complete Claim Form
Once you complete the claim form fully, follow the instructions on the Claim Affirmation Form, make sure that you print the form, sign it, and send it in to the concerning office along with the required documentation. Fill out the form, attach all required documents and send at;
Department of Revenue
Unclaimed Property Unit
PO Box 29026
Phoenix, AZ 85038-9026
You can get solutions to your queries by dialing (602) 364-0380 / 1-877-492-9957.