Which of the following is not a step in the cost depreciation approach?

In the cost depreciation approach, the primary focus is on determining the value of a property based on the costs associated with its reproduction or replacement, while also accounting for any depreciation that has occurred over time.

The correct choice states that adding the depreciated value of the land to the cost of the building is not a step in this approach. Instead, the cost approach typically involves estimating the value of the land separately as if it were vacant. This is important because land does not depreciate like buildings do; therefore, its value should be considered in its highest and best use, independent of the structure on it.

In this methodology, after estimating the reproduction cost of the building and subtracting depreciation, the next logical step is to account for the land's value, which is not adjusted for depreciation. This illustrates that the value of the land is treated differently from the buildings, solidifying why the other choices focus on correctly estimating costs and adjustments related specifically to the building and how depreciation interacts with that value.