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Unclaimed Property Tax Shuffle

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Los Angeles County has banked $2.32 million this week in unclaimed property tax refunds. If the county can't track down refund recipients after four years, state law says it can keep the cash and the 2005-06 refunds just hit the general fund--they range from $1.59 (understandable) to $26,234 (David Geffen, Eli Broad?). According to Zev Yaroslavsky's website "unclaimed overpayments have steadily declined for the past three years, even though collections rose during the tax periods involved." [Zev Yaroslavsky]