Common use of Proration Method Clause in Contracts

Proration Method. Tax bills subject to proration will be deemed paid in advance for the 1-year period beginning on the date those taxes are billed. Seller is responsible for that portion of a prorated tax ▇▇▇▇ allocable to the period from the date of the tax ▇▇▇▇ through the day before the Closing Date. The Purchaser is responsible for the balance of each prorated tax ▇▇▇▇.