"Local" properties are properties that are not automatically distributed in the network when the value of the property changes.
Local properties are basically normal .NET properties (getter and setter methods). They are needed when the class is mostly only needed in the local memory space (.NET application domains) and no permanent network access to its properties is necessary. For example, these would be business objects (derivatives of ACBSO).
However, if the class is instantiated in the application tree, the value can still be read and written from a client (which has this instance as a proxy component) over the network. Accessing the ValueT property or alternatively an ACUrlCommand call always means that a WCF call is made immediately on the server side (synchronously).
With "network capable" properties, on the other hand, communication takes places asynchronous, so that the communication layer is not unnecessarily blocked.
Therefore, if you program classes that are instantiated in application trees on the server side, you should only choose "local" properties if the property is rarely needed.