Taxes- everyone's favorite subject! The first installment is due on December 10th and there is a whopping (approximate)10% penalty, so don't be late! California state property taxes are 1% of your purchase price, but also included are any location specific bonds, etc. To be conservative, you can budget spending 1.1% annually on property taxes. They are also broken up into two installments, with the first installment being Due on Dec, 10th.
The tax code has drastically changed starting with the 2018 tax year. Previously, the entire amount of your property taxes were deductible. However, that has changed and will greatly impact SB and California since we have a high median sales price. Under the new tax code, deductions are capped at $10,000 for all state and local property, sales and income taxes. So if you bought a million dollar home, your property taxes (for simplicity's sake) would be roughly $10,000 for the year. Let's say you also owe $8,000 in state taxes, welp.... the not awesome news is you can ONLY deduct $10,000, not the full $18,000 that you could have done previously.
2018 is the first year of these new codes, so be extra nice to your accountants as they have tons of new rules to wade through. In the new tax year, it will be interesting to see how this change paired with other new rules will shake out.