what is the value on which the tax is levied? I think if you follow this train of thought to its logical conclusion, the tax would be levied on a value that is

what is the value on which the tax is levied? I think if you follow this train of thought to its logical conclusion, the tax would be levied on a value that is "arbituary", since these water rights are granted, and not purchased at a market price. I think the gov't paying to buy out all existing rights, is better than allowing arbituary taxation like this.