Is the NYC Transfer Tax a Progressive Tax for a SFR?

[Jonathan Makovsky]

Is the New York City transfer tax a progressive tax? This is from the NYC website for a 'typical' SFR transfer (Link to NYC Website):

• If the value is $500,000 or less, the rate is 1% of the price.
• If the value is more than $500,000 the rate is 1.425%.

If the tax is not progressive then it seems like a seller would be better off selling a place for $499,999 than $500K, because the taxes incurred would be about $2,125 more (or $7,125 vs $4,999).

Thanks in advance for any input.