HEAT oven to 350°F.
PLACE a paper cupcake liner in each of 12 muffin cups.
BEAT cream cheese with a hand-held electric mixer until fluffy. Add granulated sugar and butter extract, beating well. Add eggs, one at a time, beating well after each addition.
PLACE a vanilla wafer, flat-side down, in each muffin cup. Spoon cream cheese mixture over wafers. Bake for 20 minutes.
ALLOW tarts to cool completely. When cool, top each cheesecake cupcake with 1/2 Tbsp. of raspberry jam and fresh raspberries. Dust with powdered sugar.