Unclaimed Property AdministrationWhat is Unclaimed Property?
Unclaimed property consists of many types of intangible and tangible properties that have remained unclaimed by its rightful owner for a specific period of time. The abandonment period for each type of property is defined by Ó£»¨ÊÓƵ's Unclaimed Property Statute.
Why is property turned over to the State Treasury?
Unclaimed Property statutes were established to protect property owners from businesses, banks, and other financial institutions taking ownership of stale property in the owner’s name.
How does property become unclaimed?
It is common that in the normal course of business that individuals or businesses lose track of either checks that were issued to them or bank holdings. State Unclaimed Property laws define abandonment periods for these different types of property. Once property reaches the defined abandonment period with no activity the Holder of this property will turn the property over to the State.
Does the State ever seize or take ownership of property that goes unclaimed?
No, after property is escheated to the State the reported property owner never relinquishes ownership. If property is not claimed it remains in the Unclaimed Property Trust Fund in perpetuity or until a valid claim is submitted and processed.
What effort does the Unclaimed Property Administration (UPA) make to locate property owners?
The UPA has an Outreach Team whose entire purpose is reuniting abandoned property with their owners through various outreach initiatives. These initiatives include mass mailings, media campaigns, and their presence at state fairs, community centers, and other public locations throughout the year. Every year the UPA also publishes a statewide newspaper advertisement of newly received abandoned property.
How can an organization request the UPA Outreach team attend their event (Fair, public conference, etc.)?
If your organization is interested in having personnel from the UPA visit your event, please contact UPA Outreach Coordinator Lori Jones at lori.jones@treas.nj.gov.
How do I acquire a list of all the unclaimed property the Unclaimed Property Administration (UPA) is currently holding?
Any data requests must be submitted through the Open Public Records Act (OPRA). An OPRA request can be filed through the state's OPRA web site. It should be noted that per State Statute (N.J.S.A. 46:30B-76.1) the UPA is only permitted to release the name and reported address of property owners.
Is my unclaimed property taxable? Will I need to report it on my tax returns?
Unclaimed property is property that already belongs to you. The State was simply safeguarding it until it could be returned to you. Therefore, unclaimed property is not actually income so it is not taxable. The UPA does however pay interest on the unclaimed property from the time it is received until the time it is returned. If this amount of interest is greater than $10 you will receive and 1099–INT in January covering this earned interest. For interest tax reporting questions relating to the 1099–INT, please consult a tax professional.
How do I find out if I have any unclaimed property being held by the Ó£»¨ÊÓƵ?
A search can be completed by going to our page and following the instructions for locating property and submitting a claim.
How do I determine if the property I located on the search application belongs to me?
If the property you located on our property search tool lists an address that was a previous residence of yours then it is likely property belonging to you. If the address listed is not one of your previous addresses then it likely does not belong to you. When submitting a claim on property that was a previous address you will possibly be required to provide proof you resided at the address.
While searching for property in other States I noticed some States provide the name of the company who escheated the funds and a dollar range. Why doesn't Ó£»¨ÊÓƵ provide this information?
The Ó£»¨ÊÓƵ Unclaimed Property Statute dictates what information is considered confidential. The Statute only designates the name and address of property owners as public information.Can I claim property on behalf of someone else?
The only situation where someone can file a claim on property that is not in their name is when the claimant has the legal right to do so. Examples include someone who is the executor or executrix of an estate, someone holding a Power of Attorney over the property owner, or someone who has a 'letter of guardianship' for the property owner.
I located property on your Property Search application that I want to submit a claim on, how do I do this?
Simply follow the claim submission process on the website to submit your claim.After I submit a claim what is the next step in the process?
If you submitted your claim through our “Search for Unclaimed Property” link, the application should have indicated your next step. If you were provided a claim form that detailed the property we're holding and the documentation needed simply follow the instructions that were provided in the form. If after submitting your claim you were advised that nothing further was needed you need to allow some time for the Unclaimed Property Administration's Claims Unit to do a final review for your claim's approval. You may of your claim at any time by simply entering your claim id.Â
How do I prove ownership of the property I'm claiming?
After a claim is submitted the Unclaimed Property Administration (UPA) will issue an email that details the property you're claiming and provides a listing of any documentation needed to prove ownership. Simply to prove your ownership of the property. If after submitting your claim you are not requested to provide documents to prove ownership it is likely that your claim was pre-approved based on the information you provided and the property you are claiming.
Why is my social security number requested as part of the claim process?
The claimant's SSN is required for two reasons. First, the Unclaimed Property Administration (UPA) uses a claimant's SSN to help determine if the claimant is the rightful owner of the property. Second, the UPA pays interest on all resulting claims. The interest we pay is reportable to the IRS as interest income therefore we issue IRS 1099–INT forms to all claimants with greater than $10 in earned interest.
Does the State pay interest when reuniting property with its rightful owner?
Yes. Interest is calculated starting from the date the property was escheated to the UPA and ending on the date the UPA approves the return of the property to the rightful owner(s).
How does interest get calculated?
Interest is calculated starting from the date the property was escheated to the UPA and ending on the date the UPA approves the return of the property to the rightful owner(s). The interest rate the UPA applies to calculate interest