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An object property is a certain attribute of the object. In case of a variable object this e.g. can be the value, the name or the identification. In case of a circle the position or the color of the circle in the picture. Each object has at least one property (usually more), each property has a certain value. Where the property name is a text, the property value is a value between 0 and e.g. 1000.
The special thing with properties is, that with changing the property value in a VBA program you can change the behaviour or the appearance of the object. If you e.g. change the property value of a variable object, the currently selected variable gets this new value. You cannot cange the value of each property. The property Count of the variable object cannot be changed, because it represents the number of created variables. You cannot add variables by changing the value of Count. So some properties are read only, i.e. their values only can be read.