In appraisal, what is the term used for the loss of value of property due to various causes?

In the context of appraisal, the term that describes the loss of value of property due to various causes is depreciation. This concept encompasses several factors that can lead to a decrease in a property's worth over time. Depreciation can result from physical wear and tear on the property, changes in market conditions, external economic influences, or functional obsolescence, where a property no longer meets the demands of the market or has outdated features.

Understanding depreciation is crucial for appraisers as it helps them assess a property's current market value accurately. The term captures a broad range of value loss, making it more comprehensive than specific types of depreciation, such as obsolescence, which refers to loss of value due to outdated features or technological advancements. Other terms mentioned, like amortization and market decline, refer to different concepts and do not encompass the overall loss of value due to various internal and external factors as effectively as depreciation does.