Property Tags: Designates the niche that the list corresponds to: Bankruptcy, Vacant, Pre-foreclosure, etc. All of the prospects associated with that property will receive the assigned tag as well.

Prospect Status: Statuses that have been applied to a prospect page, which are specific to that prospect's phone number. Since a property record may have more than one prospect attached to it (more than one phone number linked to a specific property), when you set a Prospect Status, it will only affect the prospect you are currently managing instead of all of the numbers linked to that property. 

Ex. Prospect A is marked as priority, but Prospect B and Prospect C are not. 

Prospect statuses include: Priority, Blocked, Do not Call, Qualified Lead, Wrong Number.

In summary: Prospect tags are specific for a property and not related to the prospects linked to that property, while the prospect tag is related to each prospect sepparately.