What term is used to define the loss of property value from any source?

The term that specifically refers to the loss of property value from various sources is depreciation. This concept encompasses decline in value due to a multitude of factors, such as physical wear and tear, changes in market conditions, or external economic forces.

Depreciation is a fundamental principle in real estate and financial analysis, as it helps property owners and investors assess the actual worth of their assets over time. It is often reflected in accounting practices and taxation assessments, where it plays a crucial role in determining property value for tax purposes.

While devaluation, asset reduction, and market correction relate to property value, they do not capture the broad range of scenarios that lead to depreciation. Devaluation usually pertains to a decrease in value due to economic factors, asset reduction implies a reduction in quantity rather than value, and market correction involves adjustments in property prices following inflation or speculative bubbles, which do not universally apply to all causes of value loss.