Apportionment of Current Taxes. With respect to any tax period during which the City, the Agency or The Norwalk Parking Authority, on the one hand, and the Redeveloper on the other hand, both had title to and possession of the Xxxxxx Street Municipal Parking Lot or any portion thereof, taxes allocable to the Xxxxxx Street Municipal Parking Lot or such portion thereof, as the case may be, for such period shall be prorated between the City, The Norwalk Parking Authority and the Agency on the one hand and the Redeveloper on the other hand in proportion to the respective periods of ownership of title and possession. In the event that the Xxxxxx Street Municipal Parking Lot or any portion thereof, is exempt from taxation on the assessment date next preceding the sale and conveyance of title and possession by virtue of title being vested in the City, The Norwalk Parking Authority or Agency or any other tax exempt entity, the Redeveloper shall make a payment in lieu of taxes based upon the assessed value of Xxxxxx Street Municipal Parking Lot or portion thereof at the tax rate then prevailing in the City for that portion of the tax year during which the Redeveloper has title and possession. Any payment owed by the Redeveloper under this section shall be due and payable at the time of closing. The assessment in either situation above described upon which adjustment shall be made, shall be the assessment which the Tax Assessor of the City shall make of the Xxxxxx Street Municipal Parking Lot immediately prior to the transfer of title to the Redeveloper, which assessment shall be based on the physical condition of the Xxxxxx Street Municipal Parking Lot immediately prior to such conveyance.
Apportionment of Current Taxes. With respect to any tax period during which the City or the Agency, on the one hand, and the Redeveloper on the other hand, both had title to and possession of a parcel of Acquisition Property or any portion thereof, taxes allocable to a parcel of Acquisition Property or such portion thereof, as the case may be, for such period shall be prorated between the City and the Agency on the one hand and the Redeveloper on the other hand in proportion to the respective periods of ownership of title and possession. In the event that a parcel of Acquisition Property or any portion thereof, is exempt from taxation on the assessment date next preceding the sale and conveyance of title and possession by virtue of title being vested in the City or Agency or any other tax exempt entity, the Redeveloper shall make a payment in lieu of taxes based upon the assessed value of such parcel of Acquisition Property or portion thereof at the tax rate then prevailing in the City for that portion of the tax year during which the Redeveloper has title and possession. Any payment owed by the Redeveloper under this section shall be due and payable at the time of closing. The assessment in either situation above described upon which adjustment shall be made, shall be the assessment which the Tax Assessor of the City shall make of a parcel of Acquisition Property immediately prior to the transfer of title from the City or the Agency to the Redeveloper, which assessment shall be based on the physical condition of the subject parcel of Acquisition Property immediately prior to such conveyance.
Apportionment of Current Taxes. The current real property taxes assessed against the Acquisition Property shall be apportioned between the City and the Redeveloper as of the date of the delivery of the quitclaim deed in the manner customary in Norwalk, Connecticut. If the amount of the current taxes on the Acquisition Property is not ascertainable on such date, the apportionment between the City and the Redeveloper at Acquisition Property Closing shall be on the basis of the amount of the most recently ascertainable taxes on the Acquisition Property, and such apportionment shall be subject to final adjustment after the date the actual amount of such current taxes is ascertained. This obligation to adjust the apportionment of taxes shall survive delivery of any quitclaim deed(s). The Redeveloper shall receive a credit against the taxes apportioned to it pursuant to this Section equal to the amount, if any that Agency and/or City pays (and is reimbursed by the Redeveloper in accordance with any other provision of this Agreement) to persons from whom it acquires Acquisition Property to reimburse such persons for real property taxes prepaid by such persons attributable to periods after the date of acquisition by the City.
Apportionment of Current Taxes. Taxes and assessments, if any, on the portions of the Project Site conveyed to the Developer pursuant to Subsection 5.2(b) shall be prorated between the City and the Developer as of the date of the recording of the Issuer Deed. Real estate taxes and assessments, if any, on the portions of the Project Site for the tax years previous to the tax year in which such City Deed is delivered, will be paid by the City.
Apportionment of Current Taxes. The Real Property Current Taxes shall be apportioned on a calendar year basis between Seller and Purchaser as of the Real Property Closing Date. Real estate taxes for the tax years previous to the tax year in which the Real Property Closing occurs, if any, will be paid by Seller. Seller shall be entitled to any refund for real estate taxes paid by Seller (whether by direct payment or as a result of proration at the Real Property Closing) for any time period prior to the applicable Real Property Closing Date. If any such refund is paid directly to Purchaser or credited to Purchaser on subsequent tax bills, then Purchaser shall promptly pay such amounts to Seller.
Apportionment of Current Taxes. The portion of the current taxes or assessments, if any, on the Property which is a lien on the date of delivery of the Deed to the Purchaser shall be borne as provided in the Real Estate Contract between Seller and Buyer, as amended.
