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create table #HOLD (
   ...
...
   ...
   record_state  char(1)
)

-- (a) Report new values
select distinct property 
...
--     add new dictionary items)
delete #HOLD 
where property not in (select property from table2)

-- Alter any records needing update
update table1 set
...
   select PrimaryKeyColumn
   from table1
)