$10.4 Million in Unclaimed Property matched to Rightful Owners

The Wisconsin Department of Revenue (DOR) is sending $3.9 million to unclaimed property owners in March, and for many, the delivery of a check will come as a surprise. DOR annually matches tax records against the state’s unclaimed property roll. If DOR can definitively match tax records to an owner on the unclaimed property roll, the agency sends out checks automatically for those owed property valued at $2,000 or less and will send letters to those owed property valued at greater than $2,000 explaining how to claim the property.

This year’s matching program has identified 34,078 unclaimed property owners and will be sending $3.9 million in refund checks to over 33,000 of them. The remaining taxpayers will be receiving letters explaining to them how to claim their over $6.5 million in unclaimed property that is just waiting for them. All told, DOR has matched $10.4 million in unclaimed property to tax records via this year’s annual matching process.

This year’s first round of checks and letters will be hitting mailboxes at the end of the week. Those receiving a check will receive a “Notice of Claim Refund for Unclaimed Property.” Taxpayers can immediately cash those checks. If a taxpayer has questions about the validity of their check, they can use the “Check Your Claim Status” page on DOR’s website to confirm.

For those taxpayers with unclaimed property valued at over $2,000 or tangible property (e.g., safe deposit box contents), they will be receiving a “Action Required: Notice of Unclaimed Property” letter that explains how to claim their property. The most convenient way for these taxpayers to claim their property is to use DOR’s My Tax Account website dedicated to responding to a Notice of Unclaimed Property.

There is never a fee that unclaimed property owners must pay to the Wisconsin DOR to claim unclaimed property. If a taxpayer receives an unsolicited letter offering to reunite them with their property for a fee, the taxpayer should disregard the letter and visit DOR’s website to gain definitive information whether they have unclaimed property waiting for them. They may be surprised; after all, 1 in 7 taxpayers do!

Unclaimed property includes funds from savings or checking accounts, uncashed dividends, insurance policies, or other accounts that the owner may be unaware of or forgotten. Banks, credit unions, insurance companies, and other businesses must report unclaimed property to DOR each year by November 1. DOR then holds the property for safe keeping until the owner claims it.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.