OK, so if my existing secondary voltage at the panelboard is 206.9V L-L, and if I change the tap by 2.5%, then my new voltage will be 212.1V L-L ((206.9*0.025)+206.9)? I thought that the existing primary voltage had something to do with the tap settings and secondary voltage too.
The primary is tapped to support different incoming voltages but in this instance you are manipulating the turns ratio of the primary to the secondary. In this case you will want to DECREASE the taps by 2.5%.
Actual transformation ratio (Vp/Vs) = 480/206.9 = 2.32 (ratio)
When changing the taps on the primary, you are changing the turns on the primary winding. The secondary turns do not change. So we will divide the primary voltage by the ratio.
480 / 2.32 = 206.9
You are actually going to apply the 1.025 to the turns ratio. You wont be increasing the primary voltage in the real world. In this case, if you multiply the ratio by 1.025 you will DECREASE output voltage. So, we want to step down (or divide).
2.32 / 1.025 = 2.26
And your new output voltage:
480 / 2.26 = 212.4
On small transformers this is a minor, but important detail, especially when your taps are split further apart. Good luck, best wishes!