Guerra's goals are almost single-handedly keeping the relegation-threatened hosts within touching distance of safety and he nearly put them ahead after 21 minutes.
However, he was denied by a smart stop from Keilor Navas, whose save proved to be even more important when Victor went up the other end shortly afterwards to put Levante ahead.
The Spanish striker, making only his third start this term, opened his account for the season by rising high to meet a Simao free kick with a powerful headed which sneaked inside the post.
Valladolid responded well after the interval as Guerra netted his 12th goal of the campaign, but his first in seven matches, by slotting the rebound from Valdet Rama's blocked shot into the bottom corner.
Rama tried his luck from range again four minutes later with a fierce strike that flew just over the crossbar and it was the 18th-placed hosts who continued to press for a late winner.
Levante handed a debut to former Liverpool midfielder Mohamed Sissoko, who signed on a free transfer in the January window, as they flooded the midfield for the final stages to hang on for a draw.