Municipal tax levy
The total dollars a town plans to raise from property taxes for its own budget. It is what is left after the town subtracts the other revenue it expects from what its budget needs.
New Jersey example
Say your town's budget needs $30 million and it expects $8 million from other sources. Its municipal tax levy is $22 million. If all taxable property in town is assessed at $2 billion, the town's part of the tax rate is $1.10 per $100 of assessed value ($22 million / $2 billion x 100). County and school levies are added to get the full rate.
Official source
Handbook for New Jersey Assessors (NJ Division of Taxation, revised July 2024)
This is a plain-English summary. Rules and dollar amounts change, so check the official source or a professional before you file or sign anything.