Lake County has redirected nearly $3.9 million in unclaimed property tax payments into the county’s General Fund, following an extensive review of overpayments stretching back more than four decades.
Read: The State By State Guide to Unclaimed Assets
Source of the Surplus
The funds were generated by duplicate property tax payments, often made when banks, mortgage companies, or escrow services submitted payments in addition to homeowners.
These overages accumulated in the Treasurer’s Surplus Overage Account, where they remained available for residents to claim.
State law requires public offices to hold unclaimed funds for at least five years before transferring them to a county’s general account.
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Years of Research and Refunds
The Treasurer’s Office dedicated several years to identifying rightful owners and returning overpaid amounts. The process included:
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Examining thousands of digital and handwritten tax records.
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Conducting direct outreach through mailings and public notices.
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Investigating claims individually to confirm eligibility.
More than 17,000 Lake County residents ultimately received refunds or credits toward their property taxes.
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Some payments were modest, while others amounted to several thousand dollars, a life-changing recovery for some families.
Final Transfer to the General Fund
With the refund process complete, the remaining balance of $3,904,221 has now been transferred to the Lake County General Fund, where it will be used to support county operations and community services.
This transfer marks the end of a long-running effort to resolve unclaimed property tax surpluses.
It highlights the importance of careful tax record reviews and offers a reminder to homeowners to track payments closely to avoid duplicate submissions.
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