Common use of Tax Proration Clause in Contracts

Tax Proration. (a) General real estate taxes applicable to any of the Property for the fiscal year in which possession is given (those due and payable in the subsequent fiscal year) shall be prorated between Seller and Buyer on a daily basis as of the date possession is delivered based upon a fiscal year ending June 30, with Seller being responsible for those allocable to the period prior to the date possession is delivered and Buyer being responsible for those allocable to the period on and after the date possession is delivered. Seller shall also pay any unpaid taxes for prior fiscal years and any and all special assessments levied or constituting a lien with respect to the Property as of the date of this Agreement. Buyer shall be given a credit at closing for Seller’s prorated share of taxes and assessments for which it is responsible but which are not yet payable, which proration adjustment shall be based upon the most current real estate valuation and tax rates available according to public record at the time of closing. (b) Buyer is aware that if closing occurs during the current fiscal year the prorated portion of taxes allocable to it under the usual and customary proration method stated above (payable in fiscal year 2020-2021) will be based on the assessment made as of January 1, 2019, which included improvements in the approximate amount of $285,300.00, all or most of which improvements were removed before the date of this Agreement.

Tax Proration. (a) General real estate taxes applicable to any of the Property for the fiscal year in which possession is given (those due and payable in the subsequent fiscal year) shall be prorated between Seller and Buyer on a daily basis as of the date possession is delivered based upon a fiscal year ending June 30, with Seller being responsible for those allocable to the period prior to the date possession is delivered and Buyer being responsible for those allocable to the period on and after the date possession is delivered. Seller shall also pay any unpaid taxes for prior fiscal years and any and all special assessments levied or constituting a lien with respect to the Property as of the date of this Agreement. Buyer shall be given a credit at closing for Seller’s prorated share of taxes and assessments for which it is responsible but which are not yet payable, which proration adjustment shall be based upon the most current real estate valuation and tax rates available according to public record at the time of closing. (b) Buyer is aware that if closing occurs during the current fiscal year the prorated portion of taxes allocable to it under the usual and customary proration method stated above (payable in fiscal year 2020-2021) will be based on the assessment made as of January 1, 2019, which included improvements in the approximate amount of $285,300.00309,330.00, all or most of which improvements were removed before the date of this Agreement.

Tax Proration. (a) General real estate taxes applicable to any of the Property for the fiscal year in which possession is given (those due and payable in the subsequent fiscal year) shall be prorated between Seller and Buyer on a daily basis as of the date possession is delivered based upon a fiscal year ending June 30, with Seller being responsible for those allocable to the period prior to the date possession is delivered and Buyer being responsible for those allocable to the period on and after the date possession is delivered. Seller shall also pay any unpaid taxes for prior fiscal years and any and all special assessments levied or constituting a lien with respect to the Property as of the date of this Agreement. Buyer shall be given a credit at closing for Seller’s prorated share of taxes and assessments for which it is responsible but which are not yet payable, which proration adjustment shall be based upon the most current real estate valuation and tax rates available according to public record at the time of closing. (b) Buyer is aware that if closing occurs during the current fiscal year the prorated portion of taxes allocable to it under the usual and customary proration method stated above (payable in fiscal year 2020-2021) will be based on the assessment made as of January 1, 2019, which included improvements in the approximate amount of $285,300.00177,580.00, all or most of which improvements were removed before the date of this Agreement.

Tax Proration. (a) General real estate taxes applicable to any of the Property for the fiscal year in which possession is given (those due and payable in the subsequent fiscal year) shall be prorated between Seller and Buyer on a daily basis as of the date possession is delivered based upon a fiscal year ending June 30, with Seller being responsible for those allocable to the period prior to the date possession is delivered and Buyer being responsible for those allocable to the period on and after the date possession is delivered. Seller shall also pay any unpaid taxes for prior fiscal years and any and all special assessments levied or constituting a lien with respect to the Property as of the date of this Agreement. Buyer shall be given a credit at closing for Seller’s prorated share of taxes and assessments for which it is responsible but which are not yet payable, which proration adjustment shall be based upon the most current real estate valuation and tax rates available according to public record at the time of closing. (b) Buyer is aware that if closing occurs during the current fiscal year the prorated portion of taxes allocable to it under the usual and customary proration method stated above (payable in fiscal year 2020-2021) will be based on the assessment made as of January 1, 2019, which included improvements in the approximate amount of $285,300.00535,190.00, all or most of which improvements were removed before the date of this Agreement.