decrease in value due to wear and tear, decay, decline in price, etc.
such a decrease as allowed in computing the value of property for tax purposes.
a decrease in the purchasing or exchange value of money.
a lowering in estimation.

1730–40, Americanism; depreciate + -ion

nondepreciation, noun
predepreciation, noun
redepreciation, noun
underdepreciation, noun Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
depreciation (dɪˌpriːʃɪˈeɪʃən)
1.  accounting
 a.  the reduction in value of a fixed asset due to use, obsolescence, etc
 b.  the amount deducted from gross profit to allow for such reduction in value
2.  accounting a modified amount permitted for purposes of tax deduction
3.  the act or an instance of depreciating or belittling; disparagement
4.  Compare devaluation a decrease in the exchange value of currency against gold or other currencies brought about by excess supply of that currency under conditions of fluctuating exchange rates

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1767, "a lowering of value" (originally of currency), noun of action from depreciate. Meaning "loss of value of a durable good by age or wear" is from 1900.
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Cultural Dictionary
depreciation [(di-pree-shee-ay-shuhn)]

A decline over time in the value of a tangible asset, such as a house or car.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
Many writers treat devaluation and depreciation as synonymous.
Instead of allowing depreciation without any preconditions, it should be
  matched with production.
And it costs thousands of dollars in renovations to beat the depreciation curve.
Now the central bank is having to resist rouble depreciation.
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