What term refers to the loss in property value from all causes?

Depreciation is the term that encompasses the decline in property value due to various causes over time. This can include factors like wear and tear from use, obsolescence due to changes in the market or technology, and external influences such as neighborhood decline or environmental changes. Understanding depreciation is essential for assessors because it directly impacts property valuation and assessment for taxation purposes. Accurately calculating depreciation helps ensure that property assessments reflect current market conditions and the property's true worth.

The other options, while related to property value, do not capture the comprehensive nature of depreciation. Some may focus on specific contexts or circumstances that affect value, but depreciation is recognized as the overarching term for the general decline in property value caused by a range of factors.