Office of the State Treasurer will send $1.9 million directly to 9,800 recipients of the Property Tax Relief Fund Program, with an additional $1.4 million ready to be sent upon filing a claim.
Augusta, ME - State Treasurer Henry E.M. Beck, Esq. today announced his office has matched over $3 million of unclaimed property with Maine residents who have received a check from the Property Tax Relief Fund for Maine Residents program and will be sending $1.9 million of that total directly back to Mainers. The remaining $1.4 million will simply require a claim to be filed with the Treasurer's office. These figures account for 5% of the Property Tax Relief recipients. The Treasurer's Office believes there is more property for the check recipients that has not been easily identified.
Unclaimed property consists of money and other financial assets that are considered lost or abandoned when an owner cannot be located after a specified period of inactivity. It includes items such as bank accounts, uncashed checks, life insurance policies, unpaid wages, stocks and dividends, refunds, and safe deposit box contents. The Property Tax Relief Fund for Maine Residents program has provided the Treasurer's Office with the most recent addresses of nearly 310,000 Maine residents. These names have been matched with properties that have been held by the State Treasurer.
Beck is happy to report "this is the first time we have had a consolidated list like this to compare with our unclaimed property database. This $3 million is in addition to the $32 Million returned from the Property Tax Relief Fund and will provide further relief to residents throughout the state". Unclaimed property values vary, with some well over $100 thousand. One recipient is matched with more than $600 thousand worth of unclaimed property.
At present, the Treasurer holds $262,236,754 of Unclaimed Property. It is easy and free to file a claim. To file a claim, go to https://www.maineunclaimedproperty.gov/ and follow the easy to use instructions or call 207-624-7470 for assistance.
About OST: The Office of the State Treasurer provides state agencies with efficient banking and financial services, which include revenue collection, payment issuance, reconciliation, municipal revenue sharing and trust management. The Office also manages state investments and debt payments and issuance, ensuring that bonds authorized by voters are efficiently sold in the marketplace to provide funding for capital projects statewide. Over $262 million in unclaimed funds for Maine residents are managed by the Office of the Treasurer. FMI, https://www.maine.gov/treasurer
About the Property Tax Relief Fund for Maine Residents: "An Act to Return Funds to Maine Property Taxpayers" requires the Maine Office of the State Treasurer (OST) to provide tax relief payments of no less than $100 to qualifying homesteads, when the Property Tax Relief Fund reaches a threshold of funding to support the payments. FMI, https://www.maine.gov/treasurer/propertytaxrelief/index.html or call our hotline at 207.624.7477, option 3.