Toronto council backs 50 per cent property tax reduction for culture hubs
Arts & CultureSummary
Toronto City Council voted to reduce property taxes by 50% for cultural hubs and creative spaces. This was led by Councillor Joe Cressy to make operating in Toronto more affordable. Councillor Cressy said that due to the high property values and the ever-increasing real estate market, creative industries were having a hard time operating out of Toronto, thus driving the industry out of the city altogether. Cressy also highlighted that without arts and culture, the city becomes unlivable and will affect the economy. To qualify for this tax reduction, buildings must have tenants that produce/provide cultural goods/services, charge rent below market level, and have a minimum rentable space of 10,000 square feet, 5000 square feet if city-owned, or houses more than 40 different tenants.