7-Methyl-1,5,7-triazabicyclo[4.4.0]dec-5-enium acetate (mTBD acetate) is a protic ionic liquid that is being investigated for use in industrial processes, such as for producing textiles from cellulose. To aid in designing such processes, we have measured the densities, viscosities, and thermal conductivities of mTBD acetate and aqueous mixtures containing mTBD acetate. We also investigated how excess amounts of mTBD or acetic acid affect the density, and found that in general an excess of either component decreases the density. However, when no water is present, the sample with excess acetic acid actually has a slightly higher density than when there is an equimolar amount of acid and base. The maximum density occurs when some water is present (around 30–40 mol%). We also modeled the density data using the ePC-SAFT equation of state and provide simple correlations for calculating the viscosity and thermal conductivity of these mixtures.