diff --git a/src/zeroconf/_services/info.py b/src/zeroconf/_services/info.py
index b75d6277..02b7137a 100644
--- a/src/zeroconf/_services/info.py
+++ b/src/zeroconf/_services/info.py
@@ -172,7 +172,7 @@ def __init__(
         self.priority = priority
         self.server = server if server else None
         self.server_key = server.lower() if server else None
-        self._properties: Dict[Union[str, bytes], Optional[Union[str, bytes]]] = {}
+        self._properties: Optional[Dict[Union[str, bytes], Optional[Union[str, bytes]]]] = None
         if isinstance(properties, bytes):
             self._set_text(properties)
         else:
@@ -226,7 +226,7 @@ def addresses(self, value: List[bytes]) -> None:
                 self._ipv6_addresses.append(addr)
 
     @property
-    def properties(self) -> Dict:
+    def properties(self) -> Dict[Union[str, bytes], Optional[Union[str, bytes]]]:
         """If properties were set in the constructor this property returns the original dictionary
         of type `Dict[Union[bytes, str], Any]`.
 
@@ -234,6 +234,10 @@ def properties(self) -> Dict:
         bytes and the values are either bytes, if there was a value, even empty, or `None`, if there
         was none. No further decoding is attempted. The type returned is `Dict[bytes, Optional[bytes]]`.
         """
+        if self._properties is None:
+            self._unpack_text_into_properties()
+        if TYPE_CHECKING:
+            assert self._properties is not None
         return self._properties
 
     async def async_wait(self, timeout: float) -> None:
@@ -317,10 +321,10 @@ def parsed_scoped_addresses(self, version: IPVersion = IPVersion.All) -> List[st
             for addr in self._ip_addresses_by_version_value(version.value)
         ]
 
-    def _set_properties(self, properties: Dict) -> None:
+    def _set_properties(self, properties: Dict[Union[str, bytes], Optional[Union[str, bytes]]]) -> None:
         """Sets properties and text of this info from a dictionary"""
         self._properties = properties
-        list_ = []
+        list_: List[bytes] = []
         result = b''
         for key, value in properties.items():
             if isinstance(key, str):
@@ -338,14 +342,25 @@ def _set_properties(self, properties: Dict) -> None:
 
     def _set_text(self, text: bytes) -> None:
         """Sets properties and text given a text field"""
+        if text == self.text:
+            return
         self.text = text
+        # Clear the properties cache
+        self._properties = None
+
+    def _unpack_text_into_properties(self) -> None:
+        """Unpacks the text field into properties"""
+        text = self.text
         end = len(text)
         if end == 0:
+            # Properties should be set atomically
+            # in case another thread is reading them
             self._properties = {}
             return
+
         result: Dict[Union[str, bytes], Optional[Union[str, bytes]]] = {}
         index = 0
-        strs = []
+        strs: List[bytes] = []
         while index < end:
             length = text[index]
             index += 1
@@ -355,17 +370,20 @@ def _set_text(self, text: bytes) -> None:
         key: bytes
         value: Optional[bytes]
         for s in strs:
-            try:
-                key, value = s.split(b'=', 1)
-            except ValueError:
+            key_value = s.split(b'=', 1)
+            if len(key_value) == 2:
+                key, value = key_value
+            else:
                 # No equals sign at all
                 key = s
                 value = None
 
             # Only update non-existent properties
-            if key and result.get(key) is None:
+            if key and key not in result:
                 result[key] = value
 
+        # Properties should be set atomically
+        # in case another thread is reading them
         self._properties = result
 
     def get_name(self) -> str: