Characterizing uncertainty in machine learning models has recently gained interest in the context of machine learning reliability, robustness, safety, and active learning. Here, we separate the total uncertainty into contributions from noise in the data (aleatoric) and shortcomings of the model (epistemic), further dividing epistemic uncertainty into model bias and variance contributions. We systematically address the influence of noise, model bias, and model variance in the context of chemical property predictions, where the diverse nature of target properties and the vast chemical chemical space give rise to many different distinct sources of prediction error. We demonstrate that different sources of error can each be significant in different contexts and must be individually addressed during model development. Through controlled experiments on datasets of molecular properties, we show important trends in model performance associated with the level of noise in the dataset, size of the dataset, model architecture, molecule representation, ensemble size, and dataset splitting. In particular, we show that 1) noise in the test set can limit a model's observed performance when the actual performance is much better, 2) using size-extensive model aggregation structures is crucial for extensive property prediction, 3) ensembling is a reliable tool for uncertainty quantification and improvement specifically for the contribution of model variance, and 4) evaluations of cross-validation models understate their performance. We develop general guidelines on how to improve an underperforming model when falling into different uncertainty contexts.