Location, location, location: The Kansas High Plains Aquifer (KHPA) supports the congressional district with the highest market value for agriculture in the nation. We find that economic jurisdiction plays a significant role in the value of groundwater and within state variation in groundwater value can be as large as across state variation. Taking the statewide estimation of changes in the value of groundwater in the KHPA by Fenichel et al. (2016), we repeat the approach within each of the five groundwater management districts over the KHPA. Considering each district separately better reflects spatial variation in the aquifer and the current management practices within districts, and limits arbitrage among water districts. Differences in district-wide accounting prices for groundwater create opportunities for arbitrage. As the accounting price is dictated by scarcity, a statewide approach may undervalue the resource. This implies that the average price of an acre foot of groundwater with district pricing should be greater than or equal to the statewide price of an acre foot of water. A district level approach to groundwater valuation recognizes that water transfers across districts may involve nontrivial transaction costs. This is especially pertinent as municipalities and districts seek state permission to transfer large quantities of groundwater to meet agricultural and municipal needs.