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<br />~- <br /> <br />-I <br /> <br />k, <br /> <br />-30- <br /> <br />". <br /> <br />APPRAISAL <br /> <br />,/ <br /> <br />..' <br /> <br />Factors Influencing Water Right Values <br /> <br />.. <br /> <br />In Colorado water rights are treated as real property and <br />may be purchased or sold separately from the land to which <br />they may be appurtenant. The sale of a water right is not <br />as simple as the sale of a parcel of land, however, .and is <br />subject to the condition that other vested rights will not <br />be injured by the transaction~ The change in a water right <br />- from-one~u~~toan()ilier~~such as irrigation to municipal, <br />often involves a change in the period and place of use. <br />To avoid injury to others it is sometimes necessary to im- <br />pose limitations on the changes that result in a reduction <br />of the amount of water available to the new use. <br /> <br />-~I <br /> <br />The value of a water right is a function of several factors, <br />including the amount of water the right will yield under . <br />average and critical flow conditions, the dependability of <br />the supply, the problems involved in changing the right from <br />one use to another or in transferring its point of diversion <br />and place of use. The market price of water rights is usually <br />established through arm's length transactions between know- <br />ledgeable buyers and knowledgeable sellers. Because there <br />is no organized continuous market for water rights it is <br />difficult to document transactions and those that do occur <br />ceflect wide varia~~~~sui~_~~i_t_ .5':-ices._ _ The~e oc(~ur b~cEuse_ <br />---- - ---arfferent -terms and units are used in measuring water rights <br />and different values are placed on pr~ority, location and <br />historic operation. In addition, the uses to which the pur- <br />chased water right will be placed exert an influence on its <br /> <br />. <br /> <br />I <br /> <br />': <br /> <br />value. <br /> <br />1467 <br /> <br />Various units of measurement are used to describe water rights. <br />These include the allowable rate of diversion in cfs, the vol- <br />. .ume o~ .w~ter. pro(iuced (juring a_lj!('!a.S9n _in__acre...feet ,_ and- t.he <br />historic consumptive use of the right in acre-feet. Analysis <br /> <br />~ <br /> <br />leonald Rict Consulting Wallll ElI9ille1llS, lilt, <br />