Yesterday Riot announced changes to their champion skin pricing policy. Most skins are getting a price reduction by being put into new categories.

The first category is 390/520 RP skins. Those are mainly outdated skins that only feature texture changes, a new splash image, and at times slight model changes.
The second category is 750 RP skins. It is a new category featuring skins with new texture and model work as well as a new splash image. Some skins in this tier will feature new animations.
The category of skins that are 975 RP include skins with new model, textures and splash image. Some skins in this tier will feature new animations, visual effects and eventually sounds.
Skins in the 1350 RP tier will feature a new model, textures, splash image, animations, visual effects and sounds, sometimes even processed voice overs.
The Legendary skins will be at the price of 1820 RP. They feature a new model, textures and splash image as well as completely new animations, visuals, voice over and sounds.
Last but not least are the ultimate skins for 3250 RP. They feature new model that evolves into different forms, textures, splash image, animations, visuals, voice over and sounds, as well as additional content such as summoner icons.
Many skins have been moved from one category to another.
From 975 to 520:

From 975 to 750:

From 975 to 1350:

From 1820 to 1350:

Source - League of Legends