"When the Well's Dry, We Know the Worth of Water" -Benjamin Franklin
Drought and Future Water Supply are cause for Growing Concern. How will it affect Nevada agricultural land values? Farm and Ranch land values will be based on the supply, demand for food will only increase. Many areas of the United States are seeing the unintended consequences of over pumping on large scales. As this continues, the question of supply will grow as the focus of debate. Priority dates will likely add value in higher demand areas.
Nevada's State Engineer office processes and has control of the decision process for new applications, protests, transfers, changes in use, changes in point of diversion, basin transfers, etc. The State of Nevada, Divisions of Water Resources, engineers office controls water use in Nevada.
There are laws and many test cases and precedents set based on trial case law history.
Nevada Water Rights
Once granted, water rights in Nevada have the standing of both personal and real property, meaning they are conveyed as an appurtenance to real property unless they are specifically excluded in the deed of conveyance. It is possible to change the water's point of diversion, manner of use and place of use by filing the appropriate application with the state engineer
Appropriative Water Right [Nevada]
Nevada's water law is based on statutes enacted in 1903 and 1905 and are founded on the principal of Prior Appropriation. Unlike some other states, Nevada has a statewide system for the administration of both ground water and surface water. Appropriative water rights are based on the concept of applying water to Beneficial Use and "First in Time, First in Right." Appropriative water rights can be lost through nonuse and they may be sold or transferred apart from the land. Due in large part to the relative scarcity of water in Nevada and numerous competing uses, Nevada has had a thriving market for water transfers for a number of years.
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Chris W. Miller Vegas Grand Realty & Property Management 435-862-5951