...they changed it recently, it used to be: if you are on private property, outside the right-of-way of a city, county, or state maintained road then you can not be charged with it. If you get caught doing it on private property then the only thing that can be done is for the police to contact the owner and it's up to him/her to press charges, whether it be trespassing, property damage, or both. BUT now the code states:

40-6-251.
(a) No driver of any motor vehicle shall operate the vehicle upon the public streets, highways, public or private driveways, airport runways, or parking lots in such a manner as to create a danger to persons or property by intentionally and unnecessarily causing the vehicle to move in a zigzag or circular course or to gyrate or spin around, except to avoid a collision or injury or damage.
(b) The offenses described in this Code section shall be sufficiently identified on any traffic ticket, warrant, accusation, or indictment when referred to as 'laying drags.'
(c) This Code section shall not apply to drivers operating vehicles in or on any raceway, drag strip, or similar place customarily and lawfully used for such purposes.
(d) Any person violating subsection (a) of this Code section shall be guilty of a misdemeanor.