Property Subject to Levy in Minnesota

The chart shows common assets subject to various types of levies:

Property Subject to Levy Type of Levy Used
W-2 wages, commissions and bonuses Wage Levy
1099 non-employee compensation, periodic rents Continuous Levy
Checking and savings accounts at banks and credit unions Bank Levy
Rights and shares in the stock of corporations Investment Levy
Annual rents, accounts receivable (A/R), the value of crops sold by farmers to cooperatives Third Party Levy
Real and personal property (recreational properties, boats, snowmobiles, motorcycles, collector cars, RVs), cash at business locations Seizure

Although an asset may be subject to levy, it may have no value to the Minnesota Department of Revenue. For example, stock in a closely held corporation or certain types of savings bonds may be nontransferable (cannot be sold or cashed if levied upon). The Minnesota Department of Revenue prefers to levy upon property which it can actually convert into cash and apply toward the unpaid debt.

Leave a Public Comment