Property Valuation
In New York, the term 'plottage' (or assemblage) refers to an increase in value resulting from:
AInstalling a swimming pool or other improvement
BCombining two or more adjacent parcels into a single larger parcel that has greater value than the sum of the individual parcels✓ Correct
CRezoning property from residential to commercial use
DObtaining a variance for a non-conforming use
Explanation
Plottage (or assemblage increment) is the increase in value that results from combining two or more adjacent parcels into a single larger parcel. The combined parcel often has greater utility and value than the sum of the individual parcels. This concept is commonly tested on New York real estate exams.
Related New York Property Valuation Questions
- In New York, a 'capitalization rate' (cap rate) reflects:
- In New York, the 'overall capitalization rate' (OAR) used in the income approach reflects:
- In New York, the 'market approach' to value is based on the economic principle of:
- The cost approach to value is most reliable for:
- What does 'highest and best use' mean in real estate appraisal?
- Comparables used in the sales comparison approach should ideally be:
- An appraisal is defined as:
- Plottage value refers to:
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