MADURAI: The Tamil Nadu Chamber of Commerce and Industry has urged the State government to reduce the hike in property tax substantially in corporations, municipalities and town panchayats and carry out the tax hike in a phased manner without exceeding a maximum of 30 per cent.
“The drastic increase in property tax from 1st April 2022 has left the trade and industry and the general public in a panic situation. Most of the commercial establishments are functioning from rented buildings. Increase in property tax will lead to rental hikes,” said Mr.N.Jegatheesan, TN Chamber president, in a press statement issued from Madurai on 2nd April 2022.
He said that most of the trade, industry and commercial establishments are functioning from rented buildings and the increase in property tax will result in sharp increase in rent. “Since many of the employees working in government and private sector live in rented houses, the sharp increase in property tax will also affect them badly. The COVID pandemic had already hit the trade and industry. MSMEs have not fully recovered from the pandemic effect. At a time when the rates of petrol, diesel and essential commodities are going up, the increase of property tax will create hardships for the public,” Mr.Jegatheesan added. The TN Chamber president had pointed out that this critical time is not ideal to raise the property tax.
