Which of the following indicates physical depreciation in property?

Physical depreciation in property refers to the loss of value due to physical wear and tear, age, and deterioration of the property's physical features. This type of depreciation can often be categorized as curable or incurable.

Curable depreciation arises when repairs or replacements can be made relatively easily and cost-effectively to restore the property’s value. In more severe cases where extensive repairs are necessary and not economically feasible, the depreciation is described as incurable, meaning that the costs of repair do not justify the increase in property value they might provide.

By identifying depreciation as curable or incurable, property tax consultants can better assess the value of a property and determine possible remedies or improvements that could enhance its worth. In the context of the question, this classification directly pertains to physical depreciation, focusing on the condition of the property itself and the potential for repair or restoration.

In contrast, the other options do not directly refer to the physical condition of property but rather to factors related to market dynamics, income generation, or financial metrics.