(The Center Square) — Georgia ranks 12th in the new analysis of states’ economic performance.
The American Legislative Exchange Council’s “Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index” for 2023 is based on the equal weighting of a state’s rank in 15 policy variables “influenced directly by state lawmakers through the legislative process.”
Nationally, Utah topped the list, followed by North Carolina and Arizona, while New York ranked at the bottom, edging out Vermont and Minnesota. The Peach State outpaced neighboring South Carolina (21) and Alabama (24) but ranked behind Florida (9) and Tennessee (11).
While Georgia’s top marginal personal income tax rate of 5.75% ranked 23rd, and its top marginal corporate income tax rate of 6.37% ranked 22nd, the state’s economic performance ranked eighth nationally.
Its property tax burden of $26.45 per $1,000 of personal income ranked 19th nationally, while its sales tax burden of $19.37 per $1,000 of personal income ranked 18th.
During the most recent Georgia legislative session, property taxes were a hot-button issue, with lawmakers approving $950 million for property tax relief as part of the amended fiscal 2023 budget. House Bill 18 allows an $18,000 exemption on the assessed home value of qualifying homesteads on the 2023 property tax bill.
However, the state ranked 41st in the state liability system survey, which includes tort litigation treatment and judicial impartiality. In December, the American Tort Reform Foundation announced that Georgia topped its annual “Judicial Hellholes” report.
The group cited a finding from The Perryman Group that every Georgia resident pays an annual $1,111.28 “tort tax.” The Peach State edged out the Supreme Court of Pennsylvania, the Philadelphia Court of Common Pleas and the states of California and New York to top the list.
By T.A. DeFeo | The Center Square contributor
