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Yes it will if the land was in your avatar name & you sold it before your monthly tier date.

If you had the land deeded to a group, you need to go to the Group Info > Land Tab & manually remove your contribution.

If your tier date is say the 1st of the month & you sold on the 2nd, you will get charged one more tier on the 1st of the next month, because your peak usage for that month was still all the land, even if it was just for 1 day. If you sold the day before your tier date, the tier you pay the following day will be your last one.

If you are staying as a premium member, you can still hold on to 512sqm tier free (or have a linden home).

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