Physical properties are those that can be observed without changing the identity of the substance. The general properties of matter such as color, density, hardness, are examples of physical properties. Properties that describe how a substance changes into a completely different substance are called chemical properties. Flammability and corrosion/oxidation resistance are examples of chemical properties.

1) "A physical property is any aspect of an object or substance that can be measured or perceived without changing its identity. Physical properties can be intensive or extensive. An intensive property does not depend on the size or amount of matter in the object, while an extensive property does. In addition to extensiveness, properties can also be either isotropic if their values do not depend on the direction of observation or anisotropic otherwise. Physical properties are referred to as observables. They are not modal properties. Often, it is difficult to determine whether a given property is physical or not. Color, for example, can be "seen"; however, what we perceive as color is really an interpretation of the reflective properties of a surface. In this sense, many ostensibly physical properties are termed as supervenient. A supervenient property is one which is actual (for dependence on the reflective properties of a surface is not simply imagined), but is secondary to some underlying reality. This is similar to the way in which objects are supervenient on atomic structure. A "cup" might have the physical properties of mass, shape, color, temperature, etc., but these properties are supervenient on the underlying atomic structure, which may in turn be supervenient on an underlying quantum structure. Physical properties are contrasted with chemical properties which determine the way a material behaves in a chemical reaction." "The physical properties of an object are defined traditionally in a Newtonian sense; the physical properties of an object may include: absorption albedo area boiling point capacitance color concentration conductance density dielectric ductility distribution efficacy electric charge electric field electric potential emission flow rate fluidity frequency impedance inductance intensity irradiance length location luminance luster magnetic field magnetic flux mass melting point moment momentum permeability permittivity pressure radiance solubility specific heat resistance reflectivity spin strength temperature tension thermal transfer velocity viscosity volume" Source and further information: http://en.wikipedia.org/wiki/Physical_property 2) "A chemical property is any of a material's properties that becomes evident during a chemical reaction; that is, any quality that can be established only by changing a substance's chemical identity. Simply speaking, chemical properties cannot be determined just by viewing or touching the substance; the substance's internal structure must be affected for its chemical properties to be investigated. Chemical properties can be contrasted with physical properties, which can be discerned without changing the substance's structure. However, for many properties within the scope of physical chemistry, and other disciplines at the border of chemistry and physics, the distinction may be a matter of researcher's perspective. Material properties, both physical and chemical, can be viewed as supervenient; i.e., secondary to the underlying reality. Several layers of superveniency are possible. Chemical properties can be used for building chemical classifications. - Examples of chemical properties: Reactivity against other chemical substances Heat of combustion Enthalpy of formation Toxicity Chemical stability in a given environment Flammability Preferred oxidation state(s) Coordination number Capability to undergo a certain set of transformations e.g. molecular dissociation, chemical combination, redox reactions under certain physical conditions in the presence of another chemical substance Preferred types of bonds to form, e.g. metallic, ionic, covalent" Source and further information: http://en.wikipedia.org/wiki/Chemical_property