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The most important characteristic of joint tenancy is the right of survivorship. This legal concept means that when one owner in a joint tenancy dies, their interest in the property automatically transfers to the surviving joint tenants, rather than being passed on to the deceased's heirs or beneficiaries. This feature is fundamental to joint tenancy because it ensures that the ownership remains with the surviving tenants collectively, simplifying the process of inheritance and removing the deceased's ownership interests from probate.

In contrast, while factors such as equal share in property taxes, ability to lease property, and liability for mutual debts are relevant to joint tenancy arrangements, they do not encapsulate the core principle of joint tenancy as effectively as the right of survivorship does. The right of survivorship fundamentally defines the nature of joint tenancy and impacts how property rights are managed upon the death of one of the joint tenants.