Levy

A levy in real estate refers to a legal seizure of property or imposition of taxes or special assessments by a governmental authority to fulfill a financial obligation. Levies are commonly used to collect unpaid property taxes, fines, or other debts owed by property owners. When a levy is placed on a property, it can result in a lien, which must be resolved before the property can be sold or transferred. In some cases, failure to pay the levied amount can lead to the property being sold at a tax sale to recover the owed funds. Levies ensure that property owners contribute their fair share to public services and infrastructure.