Define: Levy

Levy
Levy
Quick Summary of Levy

Levy typically refers to the act of imposing or collecting a tax, fee, or fine by a government authority. It involves the legal authority to assess and enforce payments from individuals, businesses, or other entities within a jurisdiction. Levies can be imposed for various purposes, including funding public services, infrastructure development, or regulatory compliance. In addition to taxes, levies can also encompass penalties or fines for non-compliance with laws or regulations. The process of levy often involves official notification to the affected parties, calculation of the amount owed, and mechanisms for payment or enforcement, such as garnishment of wages or seizure of assets.

What is the dictionary definition of Levy?
Dictionary Definition of Levy
  1. v. to seize (take) property upon a writ of execution (an order to seize property) issued by the court to pay a money judgment granted in a lawsuit. The levy is actually made by a sheriff or other official at the request of the holder of the judgment (the winner in the lawsuit), and the property will be sold at a sheriff's sale to provide money to satisfy the unpaid judgment.
  2. v. the act of a governmental legislative body, such as a board of supervisors or commissioners assessing a tax on all property, all sales, business licenses or any thing or transaction which may be taxed. Thus, the county "levies" a tax on businesses.
  3. n. the seizure of property to satisfy a judgment.
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Disclaimer

This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 28th March, 2024.

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