This paper assesses the economic value of changes in the attributes of farmers’ irrigation water property rights in Tunisia. Changes on attributes generated by the transfer process of the property rights from the collective to the individual level in addition to changes in “constitutional” attributes were integrated into three scenarios. The valuation was conducted using the Contingent Valuation Method through the elicitation of individuals’ willingness to pay. Results show positive willingness to pay values for all scenarios. However, farmers of the studied region are shown willing to pay more for changes in the constitutional attributes. Furthermore their willingness to pay appears to be most affected by their perceptions concerning the organization and the functioning of the water users’ association to which they belong and by their productivity.