Which factor does NOT contribute to depreciation in property value?

Depreciation in property value occurs when the worth of a property decreases over time due to various factors. The correct choice, which indicates a factor that does not contribute to depreciation, is building codes. Building codes are regulations set by local governments to ensure safe construction practices and quality standards. While they may influence the cost of improvements or renovations made to a property, they do not directly cause a decline in value over time.

In contrast, market fluctuations can sway property values significantly due to changes in supply and demand dynamics in the real estate market. Wear and tear naturally diminishes the functional and aesthetic appeal of a property, which often leads to reduced value as maintenance and repairs become necessary. Natural disasters can result in physical damage, necessitating repairs or causing total loss, which typically triggers depreciation in property value.

Thus, building codes serve more as a guideline for maintaining or enhancing property safety and quality, rather than being a direct cause of value depreciation.