While the procrastinators among us still have time, those who are more organized might like to get working on their Certificates of Rent Paid (CRP).
Minnesota landlords are required to provide their tenants with completed CRPs no later than January 31. The certificates reflect the amount of rent the tenant paid in the previous year, and the amount of property taxes your unit helped pay for (expressed as a percentage of total rent collected for that unit).
The CRP helps tenants qualify for a portion of the property tax refund received on the duplex.
There are income limits for qualification. Households with no dependants can earn no more than $50,030 per year. Income limits increase with the number of dependants, going up to $74,930 with five or more dependants.
The forms are easy to understand and simple to fill out. On occasions when I’ve had multiple units at one location, I’ve made a master copy with the property address, owner name and PID number filled out. I then made multiple copies of it and filled each in with a tenants name and rental history.
Failure to provide tenants with CRPs can result in a $100 penalty for each occurance. If you have more than one rental unit, this can add up in a hurry.