SB 188 - This act defines business personal property. A separate subclass of tangible personal property is created for business personal property and it is valued for purposes of taxation at thirty-three and one-third percent of its true value in money. The true value in money of business personal property is determined by the cost approach to value, using methods and procedures established by rules promulgated by the state tax commission. These methods and procedures for valuation will be used by assessors beginning in the 2006 tax year. The act has an effective date of June 15, 2005.