Common use of Taxes and Assessment Clause in Contracts

Taxes and Assessment. All non-delinquent real estate taxes and assessments on the Real Property will be prorated as of Closing based on the actual current tax bill. For any assessment payable in annual installments which is not in default, the installments payable for the applicable tax year shall be prorated between the parties and Buyer shall be responsible for installments thereafter post-Closing. If Closing takes place before the real estate taxes are fixed for the tax year in which Closing occurs, the apportionment of real estate taxes will be made on the basis of the real estate taxes for the immediately preceding tax year applied to the latest assessed valuation. All delinquent taxes and all delinquent assessments, if any, on the Real Property will be paid at Closing from funds accruing to Seller. All supplemental taxes billed after Closing attributable to periods and prorated for periods prior to Closing will be paid promptly by Seller. Any tax refunds received by Buyer which are allocable to the period prior to Closing will be paid by Xxxxx to Seller.

Taxes and Assessment. All non-delinquent real estate taxes and assessments on the Real Property will be prorated as of Closing based on the actual current tax billxxxx. For any assessment payable in annual installments which is not in default, the installments payable for the applicable tax year shall be prorated between the parties and Buyer shall be responsible for installments thereafter post-Closing. If Closing takes place before the real estate taxes are fixed for the tax year in which Closing occurs, the apportionment of real estate taxes will be made on the basis of the real estate taxes for the immediately preceding tax year applied to the latest assessed valuation. All delinquent taxes and all delinquent assessments, if any, on the Real Property will be paid at Closing from funds accruing to Seller. All supplemental taxes billed after Closing attributable to periods and prorated for periods prior to Closing will be paid promptly by Seller. Any tax refunds received by Buyer which are allocable to the period prior to Closing will be paid by Xxxxx Buyer to Seller.