Chandigarh, April 2 -- Just a day after the UT administration approved a three-fold hike in property tax on residential properties and doubled the tax on commercial properties as the new financial year kicks, city residents, traders, resident bodies, and Congress member of Parliament Manish Tewari, on Tuesday, expressed strong opposition to the move.

Property tax, initially introduced in 2004 at 3% of the annual rateable value (ARV) for commercial, industrial and institutional buildings, was extended to residential properties in 2015. Ever since, despite nearly a decade of inflation and the civic body's growing financial strain, the rates remained unchanged-until now.

According to the administration's latest notification, residential pr...