Abstract: A leveling valve for controlling the amount of air within an air spring for maintaining a constant level of a vehicle chassis or frame relative to its axles. The valve includes an elongated body in which a uniquely constructed actuating mechanism is located at one end and a valve means at the other end with a dampener and a pilot-operated means located therebetween. An elongated plunger extends from the actuating means to the valve means through the dampener and the pilot-operated dump means. The actuating mechanism at one end of the plunger includes a sleeve slidable on the plunger and biased at each end by coil springs for maintaining the neutral position of the plunger and valve means. The springs permit over-travel of the actuating mechanism when the plunger reaches its limit of travel and also assists a dump piston in overriding the actuating mechanism.