New Mexico Taxation and Revenue Department urges residents to search for forgotten money and assets that may belong to them.

Organ Mountain News report

SANTA FE - With the holidays approaching, the New Mexico Taxation and Revenue Department urged residents to check whether the state holds unclaimed money or abandoned property in their name.

The department currently safeguards $390 million in unclaimed property available for claim. Individual claims average about $500, though amounts vary.

So far this year, the department has paid 6,414 claims totaling $18.5 million.

“The Taxation and Revenue Department wants to reunite owners with their lost property,” said Secretary Stephanie Schardin Clarke. “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.”

Property becomes unclaimed after periods of inactivity, often following a death or when people move, change jobs or forget about assets. Unclaimed property can include money, uncashed checks, safe deposit box contents, credit balances, security deposits, securities and other assets.

Residents can search and file claims at no cost by visiting nmclaims.unclaimedproperty.com. Users may create an account to track claim progress.

For single-owner claims valued at $500 or less, claimants can submit information online. The system verifies identity through a security question and processes qualifying claims electronically.

For claims involving more than one owner, businesses, deceased owners or property valued over $500, users must complete a PDF form and upload documentation proving ownership or heir status.

Most claims process quickly, but the department has up to 90 days to approve or deny a claim and an additional 30 days to issue payment.

More information is available through the Taxation and Revenue Department website and YouTube channel. Questions may be emailed to unclaimed.property@tax.nm.gov.