A split taper bushing assembly includes a bearing member, an inner sleeve received in a hollow center defined by the bearing and an optional outer sleeve which receives the bearing member in an open center defined therein. The bearing member also includes a tapered skirt. The skirt includes a slit which permits the bearing member to contract during assembly to account for variances in its dimensional tolerances, thus ensuring a proper fit between the bearing member and any mating part. The bearing member is formed using a polyurethane type material. Since such a material resists deterioration due to contact with lubricants commonly used in the automotive industry, the bushing assembly can be relubricated during operation without any destructive affect on the bearing member.