A system and method for handling properties of objects is provided. More specifically, the system and method provide a dependency mechanism for expressing the relationship between the properties in a formal manner. This relationship may either be applied globally or locally. Using the dependency mechanism, the property system monitors relationships between properties and detects circularities between the different properties during runtime. The system and method also provide an evaluation mechanism for calculating a value for any of the properties. Because the property system is on-demand, the value need not be stored in local storage. The dependency mechanism and the evaluation mechanism are extensible, which allows the property system to model any type of relationship, such as a direct relationship, inheritance, reverse inheritance, property sheets, encapsulation, and the like.