Armor stats

So I just got this shield (Arvil's Wheel Hardwood Targe) at level 2 in a chest which I was surprised. I'm not too sure how stats work on this game. Does it matter at what level I get that shield or it's more about random stats no matter what level you get the armor pieces at.

For example:
Block] chance: 25% (this means the shield will always have 25% chance of blocking no matter what level you get it at?)
(40-60)% increased Block chance ( and this means I can get block chance between 40-60% at random like 47%?