Apparent confusion over the the impact of a recent court case has officials at PHS Senior Living putting out word that they don’t intend to seek tax-exempt status for the organization’s showcase senior-living project in Red Bank.
The Princeton-based not-for-profit is expected to pay about $360,000 in property taxes this year on Atrium at Navesink Harbor, on Riverside Avenue. Chuck Mooney, PHS’s chief operating officer, says he expects that figure to double on completion of an approved six-story addition to the Riverside Avenue facility, and to approach $900,000 annually if a pending request to take the addition up to 12 floors is approved by the borough planning board.
But no matter how big the project ends up, PHS has not and will not push to have its property removed from tax rolls, Mooney tells redbankgreen.
“We definitely will not be seeking tax-exempt status,” he says. “There’s no basis for it in the law.”