Are You Leaving Money on the Table?
For the second in the “That’s Good to Know” series, I’m highlighting two programs where you might be missing out on potential dollars for which you’re eligible. It is often our “unknown unknowns” that keep us from maximizing our gains or getting what we deserve. Maybe awareness of these two items will help you, or others you know, avoid passing up entitled money. If you reside outside Pennsylvania, there may be similar programs available to you, depending on your domicile.
Pennsylvania Unclaimed Property Program
“[The Pennsylvania] Treasury receives hundreds of millions of dollars in unclaimed property every year, often because of something as simple as a misspelled name or an out-of-date address. But let’s be clear: this is YOUR money we’re talking about, and I want to return it to you.” Stacy Garrity, State Treasurer[i]
Pennsylvania’s Unclaimed Property program serves as a guardian for financial assets that have been abandoned or forgotten by their rightful owners. Whether it’s dormant bank accounts, uncashed paychecks, insurance benefits, or even abandoned safe deposit boxes, the program safeguards these assets until they can be reunited with their owners or heirs. The program not only helps individuals reclaim lost funds but also contributes to the state’s financial transparency and accountability.
According to the website, “1 in 10 Pennsylvania residents has unclaimed property waiting for them.”[ii] Before closing out my mother’s estate, I checked, and she had assets in the program that I was able to retrieve. It would behoove you to search the state’s database to see if there are any lost funds waiting for you.
Pennsylvania Property Tax/Rent Rebate Program
This program provides financial assistance to eligible residents burdened by property taxes or rent payments. It’s particularly beneficial for low to moderate-income individuals, elderly citizens, individuals with disabilities, and widows or widowers. Through a straightforward application process, qualified applicants can receive rebates based on their income and the property taxes or rent paid during the previous year.
While the program has been in effect since 1971, the PA legislators recently increased the income threshold to $45,000 for both renters and homeowners, including some retirement community residents. The standard rebate ranges from $380 to $1,000 to eligible adults, and supplemental rebates are also available.[iii] Residents can apply online, by mail, or in-person and form PA-1000 is due by June 30 for last year’s rebates. Once submitted, you might expect a request for some additional information.
[i] https://www.patreasury.gov/unclaimed-property/
[ii] https://www.patreasury.gov/unclaimed-property/
[iii] https://www.revenue.pa.gov/IncentivesCreditsPrograms/PropertyTaxRentRebateProgram/Pages/default.aspx
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