Hi NT,
My understanding is that the numbering convention of the GEOID will tell you if it's a water tract or not, in that the first digit of water tracts is denoted by a 9. Pretty sure the water/non-water distinction is at the tract level, not the block group level (so all BGs within a water tract can be assumed to be water BGs).
So for example, in Delaware, a tract with the GEOID 10001990000 is a water tract. First two digits are the state FIPS (10, in this case), the next three digits are the county FIPS (001, in this case), and then the next 6 digits are the tract FIPS (990000). This tract's FIPS starts with 9, therefore it's a water tract. The GEOIDs for block groups will have additional digits at the end, but the tract that they are nested within will start with 9 if it's a water tract.
Hope this helps.
-Diana