rates
- 01 B2 Upper Intermediate
taxes that people pay to their local government for owning property.
a local tax levied on land and buildings, typically used to fund municipal services.
Simple“The council decided to increase the rates to pay for the new park.”
In context“Homeowners in the district were outraged when the local council announced a five percent increase in annual rates to cover the budget deficit.”
UsageUsually used in the plural form.
Teacher's tipThis term is common in the UK, Australia, and New Zealand; Americans usually say 'property taxes'.
Synonymsproperty taxlocal tax - 02 B1 Intermediate
the percentage of extra money you pay when you borrow money from a bank.
a shortened form of 'interest rates', referring to the proportion of a loan that is charged as interest to the borrower.
Simple“If rates go up, our monthly mortgage payment will increase.”
In context“Financial analysts predicted that the central bank would hold rates steady despite rising inflation concerns in the manufacturing sector.”
Synonyms