An individual residential property in Queens is considered at $495,000 and then at $505,000. How much does the NYC RPTT amount due increase when the price rises to $505,000?
Correct Answer
A) $2,246.25
At $495,000, RPTT is 1% or $4,950. At $505,000, it is 1.425% or $7,196.25. The increase is $2,246.25. This asks for tax due, not which party bears it by default.
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