Estimating the Contribution of Groundwater Irrigation to Farmland Values in Phillips County, Colorado
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Hedonic price analysis is applied to
farmland sales in Phillips County,
Colorado to examine trends in farmland
values across different land types from
1999-2012. Results demonstrate that
irrigated acres resulted in the highest
farmland value while well depth decreased
this value. The marginal value of an
acre foot of water on irrigated farmland
ranged from $3-$36 depending on well
depth and the discount rate used. This
highlights the potential long-term negative
impacts that lowering groundwater tables
have on agricultural enterprises that rely
on wells for irrigation.