The Collaborative International Dictionary of English v.0.48:

Levy \Lev"y\, v. i.
   To seize property, real or personal, or subject it to the
   operation of an execution; to make a levy; as, to levy on
   property; the usual mode of levying, in England, is by
   seizing the goods.
   [1913 Webster]

   To levy on goods and chattels, to take into custody or
      seize specific property in satisfaction of a writ.
      [1913 Webster] Levyne

The Collaborative International Dictionary of English v.0.48:

Levy \Lev"y\, n. [F. lev['e]e, fr. lever to raise. See Lever,
   and cf. Levee.]
   1. The act of levying or collecting by authority; as, the
      levy of troops, taxes, etc.
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            A levy of all the men left under sixty. --Thirlwall.
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   2. That which is levied, as an army, force, tribute, etc. "
      The Irish levies." --Macaulay.
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   3. (Law) The taking or seizure of property on executions to
      satisfy judgments, or on warrants for the collection of
      taxes; a collecting by execution.
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   Levy in mass [F. lev['e]e en masse], a requisition of all
      able-bodied men for military service.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Levy \Lev"y\, v. t. [imp. & p. p. Levied (l[e^]v"[i^]d); p.
   pr. & vb. n. Levying.]
   1. To raise, as a siege. [Obs.] --Holland.
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   2. To raise; to collect; said of troops, to form into an army
      by enrollment, conscription, etc.
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            Augustine . . . inflamed Ethelbert, king of Kent, to
            levy his power, and to war against them. --Fuller.
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   3. To raise or collect by assessment; to exact by authority;
      as, to levy taxes, toll, tribute, or contributions.
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            If they do this . . . my ransom, then,
            Will soon be levied.                  --Shak.
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   4. (Law)
      (a) To gather or exact; as, to levy money.
      (b) To erect, build, or set up; to make or construct; to
          raise or cast up; as, to levy a mill, dike, ditch, a
          nuisance, etc. [Obs.] --Cowell. --Blackstone.
      (c) To take or seize on execution; to collect by
          execution.
          [1913 Webster]

   To levy a fine, to commence and carry on a suit for
      assuring the title to lands or tenements. --Blackstone.

   To levy war, to make or begin war; to take arms for attack;
      to attack.
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The Collaborative International Dictionary of English v.0.48:

Levy \Lev"y\ (-[y^]), n.; pl. Levies (-[i^]z). [A contr. of
   elevenpence or elevenpenny bit.]
   A name formerly given in Pennsylvania, Maryland, and Virginia
   to the Spanish real of one eighth of a dollar (or 121/2
   cents), valued at eleven pence when the dollar was rated at
   7s. 6d.
   [1913 Webster]

WordNet (r) 3.0 (2006):

levy
    n 1: a charge imposed and collected
    2: the act of drafting into military service [syn: levy, levy
       en masse]
    v 1: impose and collect; "levy a fine" [syn: levy, impose]
    2: cause to assemble or enlist in the military; "raise an army";
       "recruit new soldiers" [syn: recruit, levy, raise]