Which of the following does NOT qualify as a depreciation item when estimating value?

Land does not qualify as a depreciation item when estimating value because it is considered to have an indefinite lifespan and typically does not lose value over time. Unlike buildings and improvements, which can deteriorate, require maintenance, and have limited economic life, land is generally viewed as a stable asset that can appreciate in value or remain constant, but not depreciate in the same way.

In the context of property appraisal, depreciation refers specifically to the loss of value of improvements or structures due to factors such as physical damage, aging, or changes in market conditions. Improvements, the building structure, and fixtures can all experience depreciation as they are tied directly to the physical condition or economic vitality of a property. Therefore, while the value of these items may decrease over time, the land itself remains unaffected in terms of depreciation.