State Urges Residents to Search for Unclaimed Funds
The New York State Comptroller’s Office has $12.5 billion in unclaimed funds waiting for residents to take ownership to.
During a Senior Forum hosted by state Assemblywoman Sandra Galef (D/Ossining) last week at Cortlandt Town Hall, Yolanda Robinson, Westchester County regional director of intergovernmental and community affairs for State Comptroller Thomas DiNapoli, explained any accounts that are inactive for more than five years get turned over to the state.
These accounts can range from savings and checking accounts to insurance benefits, gift cards and store refunds. Statewide, there are 28 million accounts in the state’s hands, and more than $19 million in unclaimed funds in Galef’s district alone.
“We pay out about $1 million per day in refunds,” Robinson said. “This is something you can do on your own. All you need is a computer.”
There is no time limit to find unclaimed funds and there is no cost. Requests can be submitted on line at www.osc.state.ny.us by clicking “Search for Lost Money Now,” or by calling 1-800-221-9311. Galef noted last year three of her constituents received more than $10,000.
The more than 125 seniors in attendance also learned about new requirements for all homeowners to register for STAR in 2014.
Due to the discovery of many people who were receiving Basic Star benefits who were entitled, the New York State Department of Taxation and Finance is mandating than residents who earn less than $500,000 annually to register for the tax exemption by the end of the year. Notices will be mailed to residents in northern Westchester in late September or early October and registration can be done on line at www.tax.gov. Questions can also be posed to 518-457-2036.
“Everyone, the governor, the Legislature, is concerned that everyone who is entitled receives STAR,” said John Wolham, regional director in the southern region for the state’s Department of Taxation and Finance Office of Real Property Taxes. “Don’t let it be something that falls through the wayside.”
The average savings from STAR for homeowners in Cortlandt annually is between $1,500 and $2,100. About 2.7 million people statewide receive Basic STAR.
Homeowners in the Enhanced Star program, which provides additional property tax savings for middle income seniors who earn $81,900 or less, don’t have to reregister if they are already enrolled in the income verification program.
Rick has more than 40 years’ experience covering local news in Westchester and Putnam counties, running the gamut from politics and crime to sports and human interest. He has been an editor at Examiner Media since 2012. Read more from Rick’s editor-author bio here. Read Rick’s work here: https://www.theexaminernews.com/author/pezzullo_rick-writer/
