An individual residential Brooklyn property is considered at $500,000 and then at $500,001. How much does the NYC RPTT amount due increase when consideration rises by that $1?
Correct Answer
B) $2,125.01
At $500,000, RPTT is $5,000. At $500,001, the 1.425% rate produces $7,125.01. The increase is $2,125.01. This asks for tax due, not the default taxpayer.
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