Property Taxes To watch out for?

[Ethan Kohler]

Looking at a mixed use office building in the older part of a nice, more affluent downtown area, I'm curious to know what one may be looking at in terms of an increase in property taxes. As I understand, property taxes only go up a max of 5% annually , until the building is sold or renovated significantly, at which the cap is removed. New at this, so how can one reasonably estimate? I know I may be missing key information here but:

B-3 tenant retail/office building 7,000SF. Class C, built in 1883 and renovated in 2004. Listed at 1.4M and then dropped to 1.2M. 

Total assessment: $212,000. Current taxes around $10K annually. 

How drastically could these go up?

Thanks All