In this paper an innovative approach is presented, which enables modeling and exchanging information about the uncertainty of product properties along the product life cycle providing improvement for product development. A system which is called “COPE” (Collaborative Ontology-based Property Engineering System) is proposed, which uses the advantages of an ontology-based approach. The proposed system captures information about product properties and the circumstances as statistic of fuzzy information, and combines them with the product model, to provide information about the actual and possible future product life cycle processes and the future product properties to the stakeholders.