Hi Phil,
There's no Property Node for knowing when a value associated with a control/indicator changed. However, the Events Structure (in LV 6.1 and above) can be used for this. The Event structure will "fire" on various events, including value change on the control/indicator and based on this you can execute your logic.
See LabVIEW's online help and the examples in the following library for the usage of Events structure:
your_labview_folder\examples\general\uievents.llb
Hope this helps,
Khalid