What process involves combining multiple contiguous pieces of real property into a single tract?

The process of combining multiple contiguous pieces of real property into a single tract is referred to as assemblage. This term is essential in real estate, particularly when discussing the consolidation of properties for development purposes or to increase the value of the combined land. By taking advantage of the combined area, property owners can achieve a higher level of utility and potential profitability, which is often greater than the value derived from the individual parcels.

Assemblage can often lead to a more significant property that can be developed more efficiently or sold at a higher price than the separate parcels. This concept is commonly utilized by developers and investors who aim to create a larger footprint for mixed-use developments or other large-scale projects.

The other terms listed do not relate to the combination of properties. Assessed value pertains to the determination of the property's value for taxation purposes. Assignment refers to transferring rights or property to another party, and assumption generally relates to taking over an obligation or liability, such as a mortgage. These concepts are relevant in real estate but do not pertain to the specific process of combining multiple properties into one.