I'm not sure what type of property damage you mean.
What if I run into a house built in 1935 with a 1982 automobile in 1997 and the owner of the building doesn't file a claim until 1999?
I think we need more specifics.
In general I think the statue of limitations references the interval between when the damage was done and when the claim for the damage was filed.
I guess that you are thinking about filing a claim against a builder for faulty workmanship? I would think that in this case, the damage would have been deemed to have occured when the builder delivered the house as complete (because before then, he was in control of the building process and anything that could be construed as damage is still the responsibilty of the builder.)
There may be an additional date in there somewhere for the commencement of the statue of limitations - the date that the damage was discovered. I.E.: You get a new roof, but you don't find out it leaks until your living room ceiling caves in after it rains.
This probably doesn't give you much advice, (but its legal). Hope it helps somehow.
wtd