Yes, PROPERTY is a Scrabble word!

Letter values in Scrabble US: P 3, R 1, O 1, P 3, E 1, R 1, T 1, Y 4.

Is it a valid word?

PROPERTY is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

something owned; any tangible or intangible possession that is owned by someone;
a basic or essential attribute shared by all members of a class
any area set aside for a particular purpose
a construct whereby objects or individuals can be distinguished
any movable articles or objects used on the set of a play or movie