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.