This is already the case. You can only depreciate the building value not the land portion. So single family homes have much lower depreciation since most of the value is typically in the land vs an apartment which is the opposite.
1. The land value.
2. The structure value.
3. The right to have this structure on the lot.
That is, if you tore down the structure you wouldn't generally be able to build anything anywhere near as large, because the building predates zoning.
Assessment ignores (3), and groups it in with (2), which then depreciates. Which isn't right, because (3) doesn't depreciate