Tax Parcel Split Sample Clauses
A Tax Parcel Split clause defines the process and conditions under which a single tax parcel of real property may be divided into two or more separate parcels for tax assessment purposes. Typically, this clause outlines the responsibilities of the parties in initiating and completing the split, such as submitting applications to local tax authorities and bearing any associated costs. By establishing clear procedures and obligations, the clause ensures that each new parcel can be individually assessed and taxed, thereby preventing disputes over tax liability and facilitating future sales or development.
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Tax Parcel Split. If this sale involves a tax parcel split, the extent to which any Taxes are attributed to any new parcel resulting from a split shall be based on a split calculation provided by the appropriate property tax official (or, if an official split calculation is not available, based on an estimated split calculation using available assessment data). If this sale involves a tax parcel split then, in lieu of a credit to Buyer at Closing, Seller may elect to require collection of each party’s share of the estimated Parent Parcel Taxes at Closing, to be either: (a) held in escrow and applied towards payment of the Parent Parcel Taxes when billed after Closing; or (b) paid directly to the appropriate tax collection office as an estimated prepayment of the Parent Parcel Taxes. “Parent Parcel Taxes” refers to all Taxes that, at the time of Closing, are not yet ascertainable and payable but constitute a lien against any parent parcel(s) that include(s) all or any part of the Property and other real estate. Any estimate of Parent Parcel Taxes shall be based on 100% of the amounts last billed for a calendar year. In any event, Buyer shall pay all Taxes due after Closing to the extent attributed to the Property and not paid via escrow or estimated prepayment. After Closing, if any Parent Parcel Taxes are billed as a lump sum with portions attributed to the Property and other real estate, Buyer shall cooperate with the owner(s) of the other real estate to facilitate the allocation and timely payment of the balance due and Buyer shall pay the portion attributed to the Property.
Tax Parcel Split. This Section applies if: (a) the conveyance of the Property involves a tax parcel split; and
Tax Parcel Split. If this sale involves a tax parcel split, the extent to which any such taxes and/or assessments are attributed to the Property shall be based on a split calculation provided by the appropriate property tax official or based on an estimated split calculation using available assessment data. If the billing of any real estate taxes and/or assessments after Closing includes portions attributed to the Property and other real estate, Buyer shall cooperate with the owner(s) of such other real estate to facilitate timely payment of any balance due and Buyer shall pay the portion attributed to the Property.
Tax Parcel Split. If the conveyance of the Property involves a tax parcel split, any applicable tax credit shall be allocated between the newly-created parcels based on parcel split information provided by the appropriate property tax official; provided, however, if such parcel split information is not provided by such tax official, any applicable tax credit shall be allocated proportionately between the newly-created parcels based solely on gross acres. If any Taxes are billed after Closing in a manner that does not reflect the parcel split, Buyer shall cooperate with the other owner(s) of land from the same parent parcel to facilitate the timely payment of such Taxes, to be allocated in the same manner as provided above with respect to the tax credit at Closing unless otherwise agreed.
Tax Parcel Split. Reference is made to the ATLA/ACSM Land Title Survey Boundary Survey prepared by H▇▇▇▇ & Associates, Inc. dated 101[sic]-03-2002 (the “Survey”). After giving effect to the Closing, Buyer shall be the owner of the real estate parcel located at 2▇▇ ▇. ▇▇▇▇▇▇ Street, Tampa, Florida (i.e., the Tampa Tribune building parcel, denominated as “Not Included” in the Survey), and Seller shall continue to be the owner of the real estate parcel located at 2▇▇ ▇. ▇▇▇▇▇▇ Street, Tampa, Florida (i.e., the WFLA-TV building parcel, denominated as “Parcel No. 2” in the Survey). These two adjacent legal parcels are currently part of a single tax parcel (Tax Parcel ID# 1944595-0000). After the Closing, each of Buyer and Seller shall cooperate in good faith to make the necessary filings with the appropriate Governmental Authorities and take other actions necessary to complete the split of the single tax parcel into two separate tax parcels as soon as practicable after the Closing, including a division of the taxes and assessments against the two parcels, and to diligently pursue the same. Buyer and Seller shall each be responsible for one-half of all costs incurred in establishing the parcels as separate tax parcels for tax and assessment purposes, including any application, filing, recordation and similar fees. Until the single tax parcel has been divided into two separate tax parcels by the relevant Governmental Authorities, the tax b▇▇▇ for the tax parcel for the current tax period, and possibly subsequent tax periods, may include both real estate parcels. Until such division is made, (i) Buyer shall be responsible for its percentage (based on the relative overall square footage of each parcel) of all real estate taxes that are assessed against the single tax parcel for any period (or portion thereof) including the Adjustment Time or thereafter; (ii) Seller shall promptly provide Buyer with a copy of any tax b▇▇▇ for which Buyer is responsible for any real estate taxes in accordance with the preceding sentence, (iii) Buyer shall promptly remit to the relevant Governmental Authority its full share of any real estate taxes no later than the due date shown on such b▇▇▇; and (iv) each of Seller and Buyer shall be responsible for the timely payment to the relevant Governmental Authority of its respective portion of all taxes due and owing under such tax b▇▇▇.
Tax Parcel Split. If the conveyance of the Property involves a tax parcel split, the Current Year Taxes shall be allocated between the newly-created parcels based on the parcel split information provided by the appropriate property tax official (or, if such information is not provided by the appropriate property tax official, then proportionately based on the total acres included with each respective newly-created parcel, without reference to the value of any improvements). If any Taxes are billed after Closing in a manner which does not reflect the parcel split, Buyer shall fully cooperate with the other owner(s) of land from the same parent parcel to facilitate the timely payment of such Taxes when due after Closing and Buyer agrees to pay the portion of such tax bill that is attributable to the Property based on the parcel split information provided by the appropriate property tax official (or, if such information is not provided by the appropriate property tax official, then based on a per-acre allocation as provided above). SELLER, AUCTION COMPANY AND CLOSING AGENT SHALL HAVE NO OBLIGATION WITH RESPECT TO ANY TAXES BILLED AFTER CLOSING.