I don't think you can do this because you can't write an entire PL/SQL statement, although your code is accurate. I think the property pallate is more for setting simple formulas.
You will need to write the code into some kind of trigger - which one depends on the functionality you are trying...
Are you trying to write this code into the property pallate?
If so you should try writing it into a trigger. Maybe you would like to clarify/elabourate on your post so it's easier to advise.
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