Alabama is the eighth-best state in the nation for doing business, according to Area Development Magazine’s 2024 rankings released this week.
Eleven of the top 15 states were located in the South. According to the rankings, Alabama “stood out” for its property tax rates, and a recent property tax cap passed into law during the last session.
"Alabama stands out in this category, offering some of the most favorable property tax rates in the country," the outlet wrote of the state's property tax rates. "Recently, Alabama implemented a significant policy change with the passage of House Bill 73 (HB73), which caps annual property tax assessment increases at 7% after reappraisals. This legislative move, signed into law by Governor Kay Ivey, aims to provide greater predictability and stability in property tax expenses for businesses. The cap helps protect businesses from sudden spikes in property taxes, making long-term planning more feasible and secure."
For the eleventh consecutive year, Georgia claimed the top spot in the rankings.
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