TGM
18:39
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
tax levy
Read a random definition: Possession
A quick definition of tax levy:
A tax levy is when the government imposes a fine or tax on people or businesses. It's like when your parents tell you that you have to give them some of your allowance to help pay for things around the house. The government uses the money from tax levies to pay for things like schools, roads, and public services. Sometimes, if someone owes money, the government can legally take their property and sell it to get the money they are owed. This is called a levy of execution.
A more thorough explanation:
A tax levy is when the government imposes a fine or tax on someone or something. This means that the person or thing has to pay money to the government. For example, if you own a house, you might have to pay property taxes every year. That is a tax levy.
Another meaning of levy is when the government takes someone's property and sells it to pay off a debt. This is called a levy of execution. For example, if someone owes money to a creditor and doesn't pay it back, the creditor can ask the court to take the person's property and sell it to get the money back. That is a levy of execution.
Here are some examples:
- The city council voted to levy a tax on all businesses in the downtown area.
- The IRS issued a tax levy on John's bank account because he didn't pay his taxes.
- The sheriff's department conducted a levy of execution on the debtor's car to pay off the debt.
These examples illustrate how a tax levy works and how it can be used to collect money owed to the government or to a creditor.