How much is an acre foot of water worth in Colorado?

How much is an acre foot of water worth in Colorado?

In any given year since 2011, Colorado has seen roughly 900 acre-feet of water sell at $20,000 an acre-foot or higher, while other western states have seen less than 300 acre-feet of water selling at that level, Bovee said. “Colorado’s Front Range is the most active, high-priced market in the country,” Bovee said.

Can you buy water rights in Colorado?

Water is Colorado’s most precious resource. The right to use surface and ground water in Colorado has many of the attributes of private ownership of real property. Individuals and organizations in Colorado are allowed to buy, sell, and even rent water rights if the water will be put to beneficial use.

Who owns the groundwater in Colorado?

Thus, Colorado’s constitution, General Assembly statutes, and Colorado Supreme Court case law decisions entirely reject riparian law in favor of these principles: (1) all surface and groundwater within Colorado is owned by the public and is dedicated to the use of the people through water rights established as …

How much is a water share in Colorado?

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How many gallons of water does it take to cover 1 acre?

In the water world, water is commonly measured in acre-feet. But what is an acre-foot? One acre-foot equals about 326,000 gallons, or enough water to cover an acre of land, about the size of a football field, one foot deep.

What are water rights worth in Colorado?

Unfortunately there is no value estimate to provide that can represent Colorado water rights. In the past year, I have done valuations or assisted with transactions that involved water right sale prices ranging from $300 per acre-foot to nearly $90,000 per acre-foot.

Is there a water shortage in Colorado?

21, 2020. The federal government has officially declared the first-ever water shortage in the Colorado River basin, which means mandatory water cuts in some states and Mexico in 2022.

Can you drill a well in Colorado?

Prior to drilling a ground water well in Colorado, you must have a permit from the Colorado Division of Water Resources, also known as the State Engineer’s Office. Most private domestic wells in Colorado are “exempt” from administration in the priority system and do not require augmentation.

What is water rights sale?

Any transfer of the licence would be dutiable at the general rate on the value of the licence. A water allocation also includes the entitlement, of a member of an irrigation corporation, to receive a specified quantity of water on an annual basis. These water allocations correspond with the members share ownership, eg.

What Is An acre foot of water rights?

But what is an acre-foot? One acre-foot equals about 326,000 gallons, or enough water to cover an acre of land, about the size of a football field, one foot deep. An average California household uses between one-half and one acre-foot of water per year for indoor and outdoor use.

What is a not-nontributary groundwater?

Groundwater in locations where the withdrawal would result in a greater than the minimal effect on the surface water system is identified as not-nontributary groundwater, the withdrawal of which requires a plan to mitigate the effects on the surface water system.

How do I withdraw groundwater from my property in Colorado?

If land lies within the Designated Groundwater Basins, the right to withdraw the groundwater underlying the land must be applied for to, and determined by, the Colorado Ground Water Commission. Information on the Designated Basins is accessible via the links section below.

How does the Water Court adjudicate Denver Basin groundwater?

When a party applies to the Water Court to adjudicate Denver Basin groundwater, the Division of Water Resources (DWR) has two primary responsibilities. First, representatives of DWR are required to file a consultation report with the Water Court [section 37-92-302 (4), C.R.S.].

Is groundwater renewable or nonrenewable?

Because of the nature of the confining layers and because of the limited connection between these aquifers and surface water, the groundwater in the aquifers is not renewable. When the groundwater is used, it is being “mined” or used up without any replacement.