M.K.
Yes, "Black Tie" means traditional formal wear for both of you -- a tux with black bow tie for him and a floor-length dress for you.
If the invitation states "Black Tie Optional" or "Black Tie Invited," you do not have to wear tux & gown. Your hubby can wear a formal suit with a tie (matched coat and slacks with a white or off-white long-sleeved button-down dress shirt and conservative tie). But if he wishes to wear a tux, he will not be out-of-place. In your case, you must wear a dressy dress, but not necessarily floor length. Most womens' pantsuits (or business suits with a skirt) will not be appropriate.