Assemblywoman Christy Smith, D-Santa Clarita, announced Tuesday that her measure on unclaimed property has been signed into law by Governor Gavin Newsom.
Assembly Bill 1637 works with the State Controller’s Office to streamline the property claim process, alleviating complications and promoting more convenience for local agencies, according to Smith’s office.
The State Controller’s Office currently holds billions of dollars worth of unclaimed property. AB 1637 returns money directly to local and state agencies without requiring these entities to file a claim, officials said.
As of January 2019, the State Controller’s Office holds more than 48 million properties with an estimated value of $9.3 billion. Roughly 293,000 properties, worth approximately $31.3 million, belong to state and local governments.
“I’m incredibly proud that the governor has signed my bill into law so that government efficiency is improved and the community receives the rightful property and resources they are entitled,” Smith said in a statement. “It’s my honor to represent the 38th Assembly District and see effective legislation come to fruition that not only positively impacts our area, but also all Californians.”
Related: Seven Bills By Assemblywoman Christy Smith To Be Voted On In State Senate
The new law allows the state controller to transfer property reported to the state under the unclaimed property request process. Examples of those entities include schools, cities and public agencies.
“Returning government-owned properties automatically will cut bureaucratic red tape, put critical taxpayer dollars back into programs where they belong and allow my team to focus our efforts on reuniting the properties we are safeguarding with individuals throughout California,” said State Controller Betty Yee.
AB 1637 received the backing of organizations such as the League of California Cities and bipartisan, unanimous support from the State Assembly and Senate, according to officials.
For a full list of unclaimed properties across the state, click here.
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Need to have something taken care of,that has to due with property taxes. I called Christy Smith’s office and it was taken care of promptly. Thank you MJ