Agency notifying owners of another $4.2 million in unclaimed property starting this week
The Wisconsin Department of Revenue is celebrating the one year anniversary of its unclaimed property matching program, which uses the agency’s tax records to proactively locate owners of unclaimed property. The agency launched the initiative on June 11, 2015, and returned more than $11.6 million related to 96,748 claims in just three months. The Department returned a total of $38.7 million in unclaimed property in 2015. In March 2016, the agency returned another $13 million through its unclaimed property matching initiative.
Starting today, the agency will send another 13,972 unclaimed property checks worth $1.5 million, and 349 letters for properties worth more than $2,000 each, for a total value of $4.2 million. Owners across the state will begin to see these checks or letters in their mailbox soon.
Through the efficient, modernized matching process, the agency automatically issues a check if the unclaimed property value is $2,000 or less. If the unclaimed property value is more than $2,000, owners receive a letter with instructions on how to claim the property.
CHECKS: If the matched unclaimed property value is $2,000 or less, you will receive a check that you may cash because the agency has already verified you are the owner of that unclaimed property.
LETTERS: If the matched unclaimed property value is more than $2,000, you will receive a letter with instructions on how to claim the property. Follow the instructions on the letter to make an official claim.
Unclaimed property includes funds from savings or checking accounts, uncashed dividends, insurance policies, or other accounts that the owner may have forgotten. Institutions such as banks, credit unions, insurance companies, and other businesses are required to report unclaimed property to the Department each year by November 1. The Department then holds the property for safe keeping until it is claimed by the owner.
Visit the Department’s Unclaimed Property webpage for more information about the program. You can also search an online database for unclaimed property in Wisconsin.
© Copyright 2017 • GEBHARD & GIGUERE, LTD • All Rights Reserved.