What does the term 'plottage value' refer to?

The term 'plottage value' refers specifically to the increase in value that occurs when two or more adjacent parcels of land are combined into a single larger parcel. This increase is often a result of factors such as improved utility, enhanced development potential, or better access to resources and infrastructure that may not have been as beneficial when the parcels were separate. When parcels are combined, the total value of the new larger piece is often greater than the sum of the values of the individual parcels, creating a significant advantage for development or investment.

The other options focus on different aspects of land valuation. The current market value pertains to the worth of a single parcel at a specific time, while the decrease in value due to improper zoning addresses regulatory impacts on property use. The estimated worth of improvements would relate to structures or enhancements on a property rather than the synergistic value gained through parcel aggregation. Thus, the concept of plottage value distinctly highlights the benefits that arise from the consolidation of adjacent lands.