Legal Definition of Levy: (a) A tax; an assessment. (b) To tax; to assess; to collect upon; to impose, such as a fine | Learn about the legal definition of levy and how it can impact your business operations. Discover the two distinct concepts of levy: a tax or assessment, and the act of imposing or collecting. Gain a comprehensive understanding to navigate tax obligations effectively and avoid legal consequences. Don’t miss out on the importance of understanding levy in maintaining the smooth functioning of your business