I'm assuming you only have a few applications that access this properties file, otherwise, what I'm about to say below may not make sense.
If you're manually modifying the properties file in a text editor, why not just add a quick web page form on one of your applications (with maybe a quick, hard-coded admin password that only certain people know), and then modify the properties file using that? The Properties file has store() and load() methods and you have it loaded in memory already, so the doing this as a
JSP page theoretically wouldn't be too horrible. Then the app itself knows that something changed.
If another application is modifying the properties file, then why not have that application just open a quick HTTP connection to a special URL, like
http://host/servlet/app/refreshMe.jsp or whatever, and whenever that application updates the properties file, it hits that URL to tell the other application(s) to reload the properties file. You could also hit this URL in a web browser if you're manually modifying the file. This is the quick and dirty idea. There are more formal ways to do this with web services, with a central web service that then goes and updates all the other apps, etc. etc., but it sounds like you may not need that.