Common use of Property Tax Prorations Clause in Contracts

Property Tax Prorations. All prorations or adjustments to be made herein shall be made as of the Close Date on the basis of a thirty (30) day calendar month. Escrow Holder shall prorate property taxes on the best figures available from the Los Angeles County Tax Collector. The parties acknowledge that the entire Property may not be separately assessed from other lot/units within the Project and, in such event, tax figures shall be computed on the proportionate basis each lot/unit bears to the total Project. The parties further acknowledge that during the period of July 1st until the annual tax bills are issued, taxes may be estimated by Seller in accordance with the most recently ascertainable tax xxxx or assessment and Escrow Holder is authorized to use the figures so provided by Seller without further approval and prorate accordingly, including credit to Seller if prepaid. The Property will be subject to reassessment following the Close Date by the Los Angeles County Tax Assessor and such reassessments occurring subsequent to the Close Date will result in a supplemental tax xxxx and Buyer is solely responsible for the payment of such supplemental tax xxxx if such property taxes are allocable to a time period that follows the Close Date. Neither Seller nor Escrow Holder has any obligation for the payment of such supplemental tax xxxx.