Definition, Meaning & Synonyms

prorate

verb

/ˈproʊreɪt/

Definition

To allocate, assign, or compute something proportionately according to a specific rate.

Examples

We will prorate the annual fee based on the number of months you have used the service.
The landlord agreed to prorate the rent for the first month since the tenant moved in mid-month.

Meaning

Prorate involves dividing expenses or revenues proportionally based on usage or time, so that each participant pays a fair share based on their actual usage.