Grand larceny is a crime defined as larceny of property worth more than the given state’s statutory requirement. The minimum property value for grand larceny often ranges between $100 and $1000. For example, in New York a person is guilty of grand larceny when they steal property with a value greater than $1,000.
Larceny of property with a value below the amount required to qualify as a grand larceny is known as a petit larceny. Grand larceny is generally considered a felony while petit larceny is generally considered a misdemeanor.
[Last updated in January of 2023 by the Wex Definitions Team]