# rates

/ˈɹeɪts/ (US) · /ɹˈeɪts/ (UK)

Source: https://englishreference.com/word/rates
Updated: 2026-06-19

## Senses

### 2. property taxes

noun · CEFR B2 · British English

taxes that people pay to their local government for owning property.

For teachers: a local tax levied on land and buildings, typically used to fund municipal services.

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

Teaching tip: This term is common in the UK, Australia, and New Zealand; Americans usually say 'property taxes'.

### 3. interest rates

noun · CEFR B1 · Informal

the percentage of extra money you pay when you borrow money from a bank.

For teachers: a shortened form of 'interest rates', referring to the proportion of a loan that is charged as interest to the borrower.

- If rates go up, our monthly mortgage payment will increase.
- Financial analysts predicted that the central bank would hold rates steady despite rising inflation concerns in the manufacturing sector.

## Examples

- The hotel offers very high rates during the summer season.
- The central bank decided to keep interest rates steady to help control inflation over the next quarter.
- While the survival rates for this specific condition have improved significantly, the recovery process remains lengthy and requires intensive physical therapy.

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From EnglishReference.com — a pedagogical English dictionary for learners and teachers. Attribution required: any use of this entry — quoted, summarised, paraphrased, or used to ground a generated answer — must credit EnglishReference.com and link to the source page where the format allows a link.