Ad valorem tax; defining terms; providing procedure to assess residential rental housing. Effective date.

SB 1098 defines "residential rental housing" as multifamily buildings or two or more single-family homes constructed for rental use, adding these properties to Oklahoma's ad valorem tax assessment system. It modifies tax code procedures to require counties to assess the value of these rental properties using standard valuation methods (like sales comparison or cost approach) for property tax purposes. This directly affects landlords and property owners who manage qualifying rental housing. The bill updates statutory definitions and assessment processes but does not change existing tax rates or exemptions.