Hundreds Of Millions In New Jersey Unclaimed Money

August 26 [Mon], 2013, 9:55

The state of NJ has the greatest population density among the 50 states - averaging a whopping 1,030 people per square mile with 9 out of 10 of the people residing in an urban area. This could explain the fact that property taxes in the Garden State is the highest in the country - double the national average. According to a recent story by WCBS Newsradio however, 200 thousand homeowners in NJ don't seem to know or care about that seeing as they failed to apply for $200 million worth of tax rebates.

Tax rebates are just one of the many potential sources of New Jersey unclaimed money and funds. Abandoned uncashed checks, unclaimed insurance and retirement benefits, cash and mineral deposits, stocks, bank accounts and even safety deposit box contents are all dealt with under NJ's Unclaimed Money Law. All kinds of things have been discovered in the latter - autographs of historical figures like General George S. Patton and Mae West, an $80,000 Tiffany bracelet, a prosthetic leg and old animal bones have been collected from deposit box contents left behind by residents of NJ.

People often lose track of their assets when they change addresses or jobs, get married, or pass-away. Mailed checks or notices can get sent back to their senders when forwarding addresses are not left behind by the would be recipients. Under escheat laws, these forgotten funds are passed along to the state after a certain period which varies from account type to account type, and state to state. The website of the NJ Division of Taxation says the following about unclaimed money and funds:

"Except as otherwise provided by this chapter, all property, including any income or increment derived therefrom, less any lawful charges, whether located in this State or another state, that is held, issued, owing in the ordinary course of a holder's business and has remained unclaimed by the owner for more than three years after it became payable or distributable is presumed abandoned.

At the time that an interest is presumed abandoned under this section, any other property right accrued or accruing to the owner as a result of the interest, and not previously presumed abandoned, is also presumed abandoned."

Some 42,000 residents of the Garden State recently claimed $88.4 million in just one year, but there are still hundreds of millions of dollars to be claimed belonging to over 1,200,000 people. Each of the 1,200,000 people are due at least 50 dollars, but many are owed a lot more. Atlantic City, N.J. may be home to the annual Miss America pageant, but state residents should also look into something just as beautiful (if not more) - NJ unclaimed funds.

"Liberty And Prosperity" is New Jersey's motto and everyone is indeed encouraged to go check and do a search for unclaimed money and make themselves a bit more prosperous by taking back their lost assets. It can be as Ben Roethlisberger Authentic Jersey easy as going on-line and doing and unclaimed property search using one's name . The tricky part though is doing a complete search, as it's possible to overlook pre-escheat funds and unclaimed money in different states.

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