Which of the following is NOT typically excluded for appraisal expense considerations?

Market value is not typically excluded for appraisal expense considerations because it represents the estimated value of a property in the current market, taking into account its highest and best use. When appraisers assess a property, they must consider the market value to provide an accurate appraisal. This value is crucial in determining what the property could realistically sell for in the open market, thus serving as a fundamental element of the appraisal process.

On the other hand, property taxes, depreciation, and capital improvements usually fall into categories that appraisers account for differently. Property taxes are often seen as an ongoing cost associated with owning a property but do not directly affect the market value determination itself within the appraisal context. Depreciation reflects the reduction in value over time due to wear and tear and is generally used to adjust the value of a property, rather than being an element excluded from consideration. Capital improvements, while adding value to a property, are typically considered in the context of their impact on market value and are not excluded from the overall evaluation.

Therefore, market value stands out as a key component in the appraisal process, making it essential rather than an expense that is excluded.