N.Y. Real Prop. Tax Law § 561

§ 561. Payments in lieu of taxes; change of assessment; effective\ndate. Notwithstanding any other provision of law, for any payment in\nlieu of taxes agreement entered into on or after the effective date of\nthis section, when the assessment of a property making payments in lieu\nof taxes is challenged through the grievance process, any reduction in\npayments in lieu of taxes made to a school district resulting from such\nchallenge shall not take effect until the following taxable status year.\n