Views template- how can I still use "hide if empty" behavior with my custom template?
Quick and dirty, how about turning the label for this field off in Views and add something like:

&lt;?php if (!empty($row-&gt;field_field_location_taxonomize_terms)): ?&gt;
  &lt;div&gt;Label:&lt;/div&gt;
&lt;?php endif; ?&gt;


at the top of this template?  (Changing up the HTML around Label: to match your system and t()'ing it, etc)