Water Rights refer to authorisation, permission or right which is legally granted to a property owner to access and use water bodies adjoining their parcel of land. Water Rights offer advantages to owners of properties adjoining water bodies. In a business valuation process, Water Rights are classified under intangible assets which can generate economic benefits over and above the underlying property such as the land. In business valuation analytical work, Water Rights qualify as intangible assets because they can be recognised, separated and the potential economic benefits they generate can be accurately measured. Intangible assets are a class of assets without physical form which can generate significant value to the owners. In determining the fair market value of air rights, business valuation analysts apply techniques under income, market and asset methods.