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rates Definition
ratesplural noun 1. In the UK: a tax paid by a business, based on the assessed value of property and land owned or leased and collected by a local authority to pay for public services.
Form: business rates (in full)
2. In the UK until 1990: a tax payable by each household and collected by a local authority to pay for public services based on the assessed value of their property, replaced by the community charge and subsequently by the council tax.