What does property tax have to do with anything? Property tax is real estate tax. You don't get taxed anywhere I know of for crypto holdings.
Traders usually incorporate in states with no income tax. Some trader friends of mine incorporated in Nevada. No income tax, cheap to incorporate.
Currently tokens (vs security regulated coins) are considered property and taxed as such. It's weird for sure, but that is how the government is approaching it. So, if you raised $5M in an ICO, you would get a property tax bill on that. It's prohibitory for some companies, so there is lots of effort around treating tokens as "gift cards" for deferred income but still they are usually taxed under property schedules.
Wyoming (also on this list) just passed some really good legislation to allow companies operating with tokens to proceed without an unnecessary tax burden.
https://bitcoinmagazine.com/articles/wyoming-blockchain-bill-rockets-ahead-signing/