There exists common method for overriding properties.
Sample from C:\Windows\Microsoft.NET\Framework\v4.0.30319\Microsoft.Common.targets
<PropertyGroup>
<TargetFrameworkIdentifier Condition="'$(TargetFrameworkIdentifier)' == ''">.NETFramework</TargetFrameworkIdentifier>
<TargetFrameworkVersion Condition=" '$(TargetFrameworkVersion)' == '' ">v4.0</TargetFrameworkVersion>
</PropertyGroup>
If you will try to get value from $(NeverDefinedProperty) you just get an empty string.
Can you describe the problem you want to solve?