levy
noun
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Definition of levy
(Entry 1 of 2)
levy
verbDefinition of levy (Entry 2 of 2)
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Synonyms for levy
Synonyms: Noun
assessment, duty, imposition, impost, tax
Synonyms: Verb
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Examples of levy in a Sentence
Noun
the legislators approved a new levy on imported cattle to help protect American ranchersVerb
They levied a tax on imports. The government will levy a fine on the company.
Recent Examples on the Web: Noun
The strategist added that voters are already bitter about taxes because California’s are so high and the state just raised gas levies and vehicle registration fees a heap. — George Skelton, The Mercury News, "Skelton: Proposition 13 is a political third rail in California," 27 Aug. 2019 The strategist added that voters are already bitter about taxes because California’s are so high and the state just raised gas levies and vehicle registration fees a heap. — Los Angeles Times, "Proposition 13 is a political third rail in California. Changing it will be a hard sell," 26 Aug. 2019 Ascent and the Douglas County district still have to resolve some financial issues, like whether the school would continue to receive a share of the mill levy override dollars that voters passed, Shuler said. — Meg Wingerter, The Denver Post, "Castle Rock charter school that allows staff to carry concealed guns will leave Douglas County School District," 23 Aug. 2019 Tensions between the United States and China ratcheted higher as Trump threatened a third bundle of tariffs on $300 billion of goods on Beijing, only to partially pull back some of those levies that were set to go effect on September 1. — Donna Borak, CNN, "Jerome Powell faces his biggest test yet in high-profile speech," 22 Aug. 2019 The Centennial School District, which has raised levies 46.2 percent in the last 10 years, also identified pensions as a chief culprit. — Meghan Bobrowsky, Philly.com, "Homeowners may hate them, however property taxes aren't going anywhere … but up," 11 July 2018 China has specifically threatened the aircraft maker if Trump raised levies. — BostonGlobe.com, "Trump’s China tariffs fuel trade war fears, driving down stocks," 23 Mar. 2018 Most of the levies are scheduled to kick in Sept. 1. — Washington Post, "US delays tariffs on some Chinese goods, drops others," 13 Aug. 2019 Most of the levies are scheduled to kick in Sept. 1. — Paul Wiseman, Anchorage Daily News, "Trump administration delays tariffs on some Chinese goods, drops others," 13 Aug. 2019Recent Examples on the Web: Verb
Alaska has no statewide sales tax, though some municipalities, like Anchorage, levy their own sales tax on weed. — Becky Bohrer, Anchorage Daily News, "As marijuana prices tumble, Alaska’s licensed growers worry about taxes," 28 Aug. 2019 Alaska has no statewide sales tax, though some municipalities, like Anchorage, levy their own sales tax on weed. — Washington Post, "Alaska’s licensed marijuana growers cite tax concerns," 27 Aug. 2019 The Social Security 2100 Act prevents that outcome by levying new taxes that increase Social Security revenues in 2035 by $461 billion over current-law levels. — Andrew G. Biggs, National Review, "How the Democrats’ Social Security Plan Could Finance a Tax Cut," 15 Aug. 2019 The Constitution places limits on the federal government's ability to levy taxes and Congress previously had to enact the 16th Amendment to impose taxes on income. — Adam Edelman, NBC News, "Fact check: Would Warren's wealth tax proposal be unconstitutional?," 31 July 2019 The Liberal government that took power in Britain in 1904 took steps to protect the rights of labor, passed old age pensions, levied heavy estate taxes and broke the power of the House of Lords to block legislation. — David Kaiser, Time, "Donald Trump and Boris Johnson Rode the Same Wave Into Power. History Suggests the Parallels Won’t Stop There," 26 July 2019 The Preserve Lake Dunlap Association is moving forward with plans to create a municipal utility district and levy a property tax on waterfront property. — Josh Baugh, ExpressNews.com, "After Lake Dunlap’s dam partially collapsed, researchers count fatmuckets and pimplebacks," 24 July 2019 That money will go to schools and other area taxing bodies, as the village does not levy a property tax. — Chuck Fieldman, chicagotribune.com, "Hub Group will add second office building, more employees in Oak Brook," 17 July 2019 Many city lawmakers are hoping for expanded revenue options from the state, which could grant them the ability to tax restaurants or levy a local sales tax, for example. — Darcy Costello, The Courier-Journal, "Library hours, police recruiting, pools: What's at stake at Tuesday's budget vote," 25 June 2019These example sentences are selected automatically from various online news sources to reflect current usage of the word 'levy.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for levy
levy
nounFinancial Definition of levy
What It Is
A levy is the seizure of property in order to repay debt. In the U.S., the IRS has the authority to levy. (For everybody else, this is called foreclosure or repossession.)
How It Works
Let’s assume John Doe owns a house in the country and hasn't filed a tax return for five years. The IRS catches up to him and sends him a $45,000 tax bill. John has fallen on hard times lately, and is unable to pay the taxes. Accordingly, the IRS levies the house.
Levies can be on property, wages, bank accounts or anything else of value. A levy is not the same as a lien. A levy actually takes the property; a lien just places a restriction on the sale or transfer of the property.
Why It Matters
Taxing authorities are always anxious to get their money, but they must give written notice to a taxpayer before levying a taxpayer's assets. States also have the authority to impose levies for the lack of payment of state income taxes.
Source: Investing Answers
levy
noun
English Language Learners Definition of levy
(Entry 1 of 2)
levy
verbEnglish Language Learners Definition of levy (Entry 2 of 2)