Traditional contingent valuation methods to estimate public library value include ‘willingness to pay’ and ‘willingness to accept compensation’. Elicitation design accounts for the large part of the willingness to accept compensation/willingness to pay disparity. Payment mechanism is an important issue in the process of the elicitation design. Various payment mechanisms are employed in this study. Our findings suggest that the willingness of people to decide about the allocation of a certain amount of their taxes (tax decrease or increase) represents a compromise between the increasingly discussed out-of-pocket willingness to pay and in-pocket willingness to accept compensation approaches. The main determinants of public library value (in the case of the Municipal Library of Prague) include available income of the households, frequency of use of the services, and alternative costs. Furthermore, the effects of both the use and importance of services on the public library value is investigated. The importance of loan services is the major determinant of the value.