ABSTRACT: According to the Constitution of the Slovak Republic, groundwater, together with mineral ores, natural healing resources, caves and surface water streams are in the possession of the Republic. An analysis of contemporary state of groundwater management shows that, in spite of the strategic meaning of groundwater, the state itself as the groundwater owner does not have proper groundwater administrator. In whole, economic value of groundwater sources and resources as the "product" of natural settings is not known, although the waterworks company administratively assigns water price as the product of "water fabrication". In this paper, the authors suggest a system of financial valuation of groundwater sources and resources, coming out from hydrogeologicaI and hydrogeochemical criteria for different levels of management - from the central state administration to the waterworks and water management companies.