Toronto Music Advisory Committee Endorses Property Tax Relief of 50 Percent for Live Music Venues
The Toronto Music Advisory Committee (TMAC) held a special virtual meeting today, to discuss the impact of the COVID-19 pandemic on Toronto’s music community and strategies to assist live music venues. The meeting was streamed live for public viewing.
At the meeting, the members of TMAC unanimously approved a motion to expand the Creative Co-Location Facilities Property Tax Subclass Designation, in order to apply to live music venues. Expanding the designation will make it possible for operators of live music venues to access a reduction of commercial property taxes of 50 percent.
This Property Tax Subclass was originally developed to support artist hubs such as 401 Richmond. Many venues across the city have faced increasing pressure due to rising costs, even prior to the loss of business due to the current pandemic.
As many live music venues are on major streets in rapidly growing downtown areas, the cookie-cutter approach of Provincial market value assessment for property taxes is pricing out too many live music venues. This tax rate reduction will go a long way towards reducing the rental costs for operators, helping to mitigate the economic impact of the current pandemic and providing much needed financial support on a permanent, go-forward basis.
To learn more, read the full announcement here.