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A division. The term may be used in insurance to indicate which policy bears what percentage of a loss. Alternatively, it may be used in the sale of real estate to show the property tax or insurance the buyer and the seller each owe for a year. See also: Apportionment Clause.


To divide into parts.Co-owners of property may decide to apportion maintenance costs among themselves, according to the percentage of ownership enjoyed by each. Buyers and sellers usually apportion real estate taxes so that the portion earned by local government before closing,but not yet paid because not yet due,will be paid by the seller in the form of a credit against the purchase price.When the property tax bill is later received by the buyer,he or she will pay the entire bill in full, but will have already received the equivalent of reimbursement through the credit at closing.

References in periodicals archive ?
Congress appropriates, 0MB apportions, and the Agency allots funding.
In general CPAs will find a company with its principal business location in a state that apportions income using a single-sales-factor formula stands to gain from apportionment to states where it has a taxable presence for franchise tax purposes when those states use a multiple-factor formula.
That tax ("State Tax") on any pipeline's total gross receipts ignores the constitutional requirement to apportion the income to be taxed between instate and out-of-state commerce.