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db<>fiddle
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with t as (
select v.*
from (values ('My tax rate is 18.8% **.'),
('13.8% is my tax rate.'),
('My tax rate 15.9% What is yours ?')
) v(Column_Desc)
)
select Column_Desc,
convert(decimal(5, 2),
left(stuff(Column_Desc, 1,
patindex('%[0-9]%', Column_Desc) - 1, ''), 4)
) as new_value
from t

Column_Desc new_value
My tax rate is 18.8% **. 18.80
13.8% is my tax rate. 13.80
My tax rate 15.9% What is yours ? 15.90