What is "Proration"?

Proration specifically refers to the allocation of excess or deficiency among lots, particularly in the context of adjusting values or expenses proportionally based on shared characteristics or contributions. This can occur in land surveys or property transactions where costs need to be evenly distributed among different parcels or owners, ensuring that each party bears their fair share of the costs or benefits associated with a particular situation.

In land surveying, this could involve the division of expenses incurred for maintenance, utilities, or improvements that benefit multiple properties. When proration is applied, it ensures fairness and accountability among parties involved by reflecting their individual interests accurately based on predetermined criteria.

Other interpretations, such as calculating tax obligations or assessing property value, while related to property transactions, do not precisely capture the essence of proration as it focuses specifically on the division of amounts based on proportional relationships among involved entities or lots.