TNCCI urges state to roll back property tax hike

MADURAI: Tamil Nadu Chamber of Commerce and Industry (TNCCI), Madurai has urged the state government to roll back the property tax hike by local bodies and take measures to increase it in a phased manner instead of adopting it in a single stroke. “According to the 15th Finance Commission recommendations, the local bodies, from this financial year, would have to declare the property tax base rates in order to be eligible for grants,” said N Jegatheesan, president, TNCCI, Madurai, on Wednesday. “Accordingly, since April 1, the property tax has been hiked enormously by the civic bodies, due to which, the trade and industry and the general public have been badly hit,” he pointed out and urged the state to reconsider the hike in taxes.