Petty larceny is a legal term that refers to the theft of items of relatively low value. Typically, this crime involves stealing goods worth a small amount, often defined by state laws. The value threshold for petty larceny can vary, but it usually ranges from $100 to $1,000. Unlike grand larceny, which involves higher-value thefts, petty larceny is generally considered a misdemeanor. Penalties for petty larceny can include fines, community service, or short jail sentences, depending on the jurisdiction and the circumstances of the crime.