Both, because propositions are expressed in language which is always both vague and ambiguous. Thus, a statement's truth value is dependent on the context of the discourse it finds itself.
Consider:
Today is Tuesday.
The proposition is true exactly one day every week, on Tuesday. But, we can make a similar proposition true by adding context:
'Today is Tuesday' is true only every Tuesday.
Now our proposition is true every day of the week. But, you might argue, you changed the proposition! True, but here's an alternative. Consider that you only, due to your religion, are allowed to utter 'Today is Tuesday' on Tuesday. Is the proposition always true? Sure, because at that point, you only utter it on Tuesdays, so the proposition because of a restriction of when it is uttered suddenly becomes always true when uttered.
But what if I read it on days other than Tuesday, you complain? Well, then it isn't always true. How exactly is that? Well according to some ways of thinking about truth, truth stems from having a judgement of truth, in this case of a proposition that purports to represent a truth condition about the state of affairs in the real world. So, now that you read it on days other than Tuesday, then the judgment you make about its truth will depend on the day you use it.
So am I saying that judgment is necessary to determine truth? Yes, very much so. This an important idea that goes back to at least Kant, but other philosophers have thought about it too. Consider Bretano's Theory of Judgment (SEP):
Judgements are one of the three basic kinds of intentional phenomena with which Brentano deals at great length in his Psychology. That is not to say, however, that Brentano’s theory of judgement is just concerned with psychological issues. Brentano also aims to show how an experience of judging, specifically the experience of judging correctly, can provide us with a basis for grasping concepts like existence, truth, and logical inference. Brentano’s investigation of the mental act of judgement promises therefore to advance logic, epistemology, and ultimately metaphysics.
So, if one is not an externalist in these matters, one simply can accept that the truth of a proposition relies on the judgment of the thinker. Since physical experience, rational thought, propositional content, one's truth-conditional semantics, propositional attitudes, and theories of truth all are relevant, it's easy to defend the notion that any truth-value of a proposition is highly-context dependent, an idea that particularly frustrates people who believe there is only way to think and believe.