Relating to property tax exemption for multiunit rental housing; prescribing an effective date.

SB 118 extends the expiration date for property tax exemptions on multiunit rental housing from 2027 to 2033. It directly affects existing multiunit rental properties that received tax exemptions under prior local ordinances before the original 2027 deadline. The bill ensures these properties continue receiving their current tax exemptions for the full duration originally granted, without requiring new applications. This change applies only to properties already approved under the 2017 law, not to new exemptions.