Ads target property owners

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By Special to the Monitor

The State Taxation & Revenue Department will be running advertisements in all major newspapers across New Mexico this weekend to find the rightful owners of unclaimed property worth $170 million in cash and 12,000 items of property including artifacts, jewelry and collector’s items.

The  newspaper  advertisements list the names and the last known New Mexico address of the property owners.

“We hope these listings of unclaimed property owners in all local newspapers will result in positive leads towards clearing some of this property,” said Taxation & Revenue Secretary Rick Homans. “We urge New Mexicans to closely review these lists because it could be one of their relatives, friends or neighbors they know and could help finding the rightful owners.”

The Department is required under the law to take these advertisements each year in newspapers from the town where the property owner had his or her last known address. The property owners’ listings are also posted on the Department website at www.tax.state.nm.us.

The state’s Taxation and Revenue Department is holding close to $170 million in cash, jewelry and other items representing more than 90,000 owners. The state holds the property forever, or until the rightful owner claims it. The law requires that every holder of unclaimed property turn the property over to the state after there has been no activity for a specific period of time. The Department has also run the advertisements in smaller newspapers across New Mexico this week.

The property, or money, might have come from utility or insurance companies, or banks. The state also holds refund checks, stock certificates, bond payments and unclaimed wages. Some of the most interesting unclaimed property is jewelry, old coins, confederate currency and other collector items that are abandoned in safety deposit boxes.

In addition, undeliverable checks from Personal Income Tax refunds or rebates are turned over to the Taxation and Revenue Department 13 months after issuance.

For further information, and to check for unclaimed property, access www.tax.state.nm.us, or call  827-0668 or 0767.