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 several features including a novel actuating mechanism for actuating the valve. The mechanism includes a sleeve assembly slideable on an actuating plunger and constructed of three parts so designed as to compensate for any wear between the sleeve assembly and the actuator for the sleeve. Another feature is the construction of the elongated actuator extending between one end of the valve body wherein the actuating mechanism is located and the other end wherein a valve is located. Still another feature is the construction of the valve for metering the exhaust of air through the exhaust outlet, such metering being determined by the position of the actuator arm as the air spring adjusts to find the proper height. The fourth feature resides in a one-piece, molded dampening cylinder, dump cylinder, and guide for the valve actuator.