Common use of Tax Proration Clause in Contracts

Tax Proration. All real and personal property taxes or similar ad valorem obligations levied with respect to the Purchased Assets for any taxable period falling entirely within the period before the Closing Date shall be the responsibility of Seller. All real and personal property taxes or similar ad valorem obligations levied with respect to the Purchased Assets for any taxable period that includes the Closing Date and ends after the Closing Date, whether imposed or assessed before or after the Closing Date, shall be the responsibility of Purchaser. If the exact amount of any real or personal property taxes is not known on the Closing Date, such taxes shall be estimated based upon the best available information at the time of Closing (i.e. the taxable value currently assigned to the property and the most recent millage rate). There shall be no re-proration of real or personal property taxes after Closing. The net amount of such prorations payable by Seller, if any, shall be paid by Purchaser, but shall result in a reduction of the Purchase Price in like amount.

Tax Proration. All real and personal property taxes or similar ad valorem obligations levied with respect to the Purchased Assets Real Property for any taxable period falling entirely within with the period before the Closing Date shall be the responsibility of Seller. All real and personal property taxes or similar ad valorem obligations levied with respect to the Purchased Assets Real Property for any taxable period that includes the Closing Date and ends after the Closing Date, whether imposed or assessed before or after the Closing Date, shall be the responsibility of Purchaser. Purchaser If the exact amount of any real or personal property taxes is not known on the Closing Date, such taxes shall be estimated based upon the best available information at the time of Closing (i.e. the taxable value currently assigned to the real property and the most recent millage rate). There shall be no re-proration of real or personal property taxes after Closing. The net amount of such prorations payable by Seller, if any, shall be paid by Purchaser, but shall result in a reduction of the Purchase Price in like amount.