How do I handle a tenant who refuses to pay the increased rent in my rental property?

[Sam Bhattacharya]

I am a landlord and have had the same tenant in my rental property for 3 years.  Since the tenant started renting, the market rate for the rental property has increased significantly.  I mentioned this to the tenant and gave him notice of the higher rent.  However, the tenant made a big fuss about it and refuses to pay the higher rent.  

What do I do and how do I handle this situation professionally?