Property Tax Alert: Montana

March 2008

The Montana Department of Revenue has issued answers to frequently asked questions regarding unclaimed property, a holder's responsibilities, and the manner in which to report the unclaimed property to the state. "Unclaimed property" is defined as any financial asset for which the owner has not generated activity during a prescribed period of time. These assets include uncashed checks, savings accounts, checking accounts, payroll, money orders, travelers checks, stocks and bonds, insurance proceeds, certificates of deposit, and other intangible interests or benefits. The unclaimed property has dormancy periods that range from one to 15 years, depending on the type of asset. A holder of unclaimed property must report that property to the state. The holder of unclaimed property must also send written notice to the apparent owner of property having a value exceeding $50, not less than 60 days or more than 120 days, before filing the report. Other important information, including dormancy period charges, the required forms and affidavits, the applicable filing periods, the number of reports that a holder may file, and the treatment of erroneous filings, is also addressed.

Please contact Rash & Associates for more information.