N.Y. Real Property Tax Law § 561: Payments in lieu of taxes; change of assessment; effective date

§ 561. Payments in lieu of taxes; change of assessment; effective

date. Notwithstanding any other provision of law, for any payment in

lieu of taxes agreement entered into on or after the effective date of

this section, when the assessment of a property making payments in lieu

of taxes is challenged through the grievance process, any reduction in

payments in lieu of taxes made to a school district resulting from such

challenge shall not take effect until the following taxable status year.