A levy is a legal method that a creditor may use to seize (take) property that you own. Most commonly a levy refers to an action by IRS or the state tax agency (Arizona Department of Revenue here) to take something from you. Seizure of property to satisfy a judgment would ordinarily be referred to as "execution," since the sheriff is executes the judgment by taking the property from you for it to be liquidated to pay the creditor.
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