Decline in the value of a phy-sical asset or real property resulting from normal usage, age, wear and tear, disintegration or action of the elements. Depreciation can be curable or incur-able.
A term that is frequently used when physical deterioration is intended. In a broad concept it may relate to those elements contributing to depreciation that are existent or inherent in the physical property itself, as distinguished from other and external circumstances that may influence its utilization. Not a clear or proper them without qualification and explanation.