ANNAPOLIS, MD (July 12, 2006)-Comptroller William Donald Schaefer today announced that items held by his office's Unclaimed Property Unit are now up for bid on eBay, the popular Internet auction Web site. The unclaimed property auction "Me page" can be accessed by clicking the eBay logo on the Comptroller's Web site, www.marylandtaxes.com.
"We have made it a priority to embrace technology and use it to the taxpayers' advantage," said Comptroller Schaefer. "Thanks to the wide reach of the Internet, we are now able to open competition to a larger audience and get better returns for owners of abandoned property."
The Comptroller of Maryland is charged with the task of connecting people with money (or property) that has slipped through the cracks. This includes items, such as jewelry, coins and other collectibles, as recovered from abandoned safe deposit boxes. eBay has a customer base of more than 100 million members, worldwide, to potentially bid on these items.
Financial institutions, insurance companies and corporations are required to report contents of safe deposit boxes, bank accounts, wages, insurance benefits, security deposits, stock dividends and other property to the Comptroller's Office if they remain unclaimed for three or more years. All money collected from auctioned items is submitted to the state's general fund and can be claimed any time by the original owner (or rightful heirs).
"We're never satisfied with just being good enough," added Comptroller Schaefer, "There's a proven track record for success through online unclaimed property auctions. Today's announcement has less to do with technology than it does about doing a better job serving the people of Maryland."
State law requires the Comptroller's Office to auction abandoned safe deposit items kept in storage. Until today, these items were only available for sale during annual, live auctions. New items will be made available every week through eBay. Most items listed for sale will be described in detail and certified as genuine by a certified appraiser under contract with the Comptroller's Office. Buyers may therefore be confident in their bidding.
Comptroller of Maryland employees and their immediate family members are prohibited from bidding on any item(s).
Nearly 680,000 accounts, worth more than $480 million, have been reported to the State Comptroller's Office as unclaimed over the past 39 years. For fiscal year 2005, the Comptroller's Office returned more than $46.5 million in unclaimed funds to 52,528 individuals. The average claim was $890.
Maryland's 5 percent sales tax is charged to all purchases sent to in-state addresses.
MEDIA CONTACTS:
Michael D. Golden, 410-260-7305
Kevin P. Kane, 410-260-7578
