Release of levy issued or on any property

The department shall release any levy issued or on any property in the event of any of the following: (1) the liability for which the levy was made is satisfied; (2) the department determines that release facilitates the collection of the liability; (3) an installment payment agreement has been executed with respect to the liability; (4) the department has determined that the levy creates an economic hardship due to the taxpayer's financial condition; (5) if the department determines the fair market value of the property exceeds the liability and partial release does not hinder collection of the tax and related costs owed to the department.