CEO 74-53 -- November 15, 1974

TENANCY BY THE ENTIRETY

VALUATION OF REAL PROPERTY ON CE FORM 1

To: Phillip Ashler, State Board of Independent Colleges and Universities, Tallahassee

Prepared by: Gene L. "Hal" Johnson

SUMMARY:

Reference is made to CEO 74-27. In computing total assets for purposes of financial disclosure in compliance with s. 112.3145(1)(e), F. S., as amended by Ch. 74-177, Laws of Florida, a tenancy by the entirety is to be valued at 100 percent. Further, property held in tenancy by the entirety by husband/wife is considered to be held in the whole by each spouse. Since Mr. Ashler and his spouse are both public officers within the meaning of part III, Ch. 112, F. S., each spouse must list property so held at 100 percent of its value on his or her financial disclosure statement, assuming minimum percentage requirements are met.

QUESTIONS:

1. How should assets held in tenancy by the entirety be valued in computing total assets for purposes of compliance with s. 112.3145(1)(e), F. S., as amended by Ch. 74-177, Laws of Florida?

2. As both I and my spouse are public officers within the meaning of Ch. 74-177, Laws of Florida, must the property held in tenancy by the entirety be listed on each of our separate disclosure statements?

As to your first question, please find enclosed a copy of a previous opinion of this commission, CEO 74-27, which explains that a tenancy by the entirety is to be valued in computing total assets for purposes of financial disclosure at 100 percent.

Your second question is answered in the affirmative. As explained in CEO 74-27: "the essential characteristic of an estate by the entireties is that each spouse is seized of the whole or the entirety." Under this rationale, each spouse owns the whole of the property. Therefore, each spouse must list property, so held, at 100 percent of its value on his or her financial disclosure statement, assuming the minimum percentage requirements are met. See s. 112.3145(1)(e), F. S.