ENGLISH
REFERENCE

rates

n.
US //ˈɹeɪts// UK //ɹˈeɪts// rates
  1. 1 property taxes (n.)
    B2 Upper Intermediate British English Law

    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.

    Example

    The council decided to increase the rates to pay for the new park.

    Example

    Homeowners in the district were outraged when the local council announced a five percent increase in annual rates to cover the budget deficit.

    Usage

    Usually used in the plural form.

    Teacher's tip

    This term is common in the UK, Australia, and New Zealand; Americans usually say 'property taxes'.
    • property tax
    • local tax
  2. 2 interest rates (n.)
    B1 Intermediate Informal Math

    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.

    Example

    If rates go up, our monthly mortgage payment will increase.

    Example

    Financial analysts predicted that the central bank would hold rates steady despite rising inflation concerns in the manufacturing sector.

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