The New Mexico Taxation and Revenue Department this week announced $390 million in unclaimed property, and urged residents to determine if they have either money or other assets being held by the state.
The state can end up with unclaimed property through a variety of circumstances, including death, job changes and moves. Such property runs the gamut, from money to uncashed checks to safe deposit box contents and more.
According to a news release, individual claims average $500. So far, this year, Tax and Rev has paid 6,414 claims totaling $18.5 million.
“The Taxation and Revenue Department wants to reunite owners with their lost property,” Taxation and Revenue Department Secretary Stephanie Schardin Clarke said in a statement. “The holiday season can be financially stressful, and there’s no better time to check for unclaimed property to help alleviate some of that stress.”
Search and file claims for property at: nmclaims.unclaimedproperty.com. Those claims can be made online for individuals claiming $500 or less. For those involving multiple owners, businesses or claims over $500, the state says people can submit claims via a PDF form and documentation.
Most claims are processed quickly, the state says, but the department has 90 days from submission to approve or deny it, followed by 30 days to pay it out.