to allocate between seller and buyer their proportionate share of an obligation paid or due; for example, when a house is sold to prorate real property taxes or insurance; or to refund unused rent or an unexpired subscription.
In general: allocate proportionally.
Magazines:process of calculating the price or term of a subscription, based upon a payment or a period of time other than the standard one-, two-, or three-year term and price offers. For example, if a magazine costs $24 for 12 issues and only 6 issues are ordered, the prorated price is $12. Similarly, if $18 is sent by the subscriber in payment, the term of the subscription will be prorated to 9 issues. Marketers usually prorate the term of subscriptions for which an underpayment or overpayment is received, rather than refund the difference or try to collect the remaining amount due.
to allocate between seller and buyer their proportionate share of an obligation paid or due; for example, to prorate real property taxes or insurance.
