add_action('init', 'register_property');

    function register_property() {

         register_taxonomy(
            'property_order_id',
            'property',
            array(
                'label' => 'Property Order IDs',
                'singular_label' => 'Property Order IDs',
                'hierarchical' => true,
                'query_var' => true,
                'rewrite' => array('slug' => 'properties'),
            )
        );

        $labels = array(
            'name' => _x('Property', 'post type general name'),
            'singular_name' => _x('Property', 'post type singular name')
        );

        $args = array(
            'labels' => $labels,
            'public' => true,
            'publicly_queryable' => true,
            'show_ui' => true,
            'query_var' => true,
            'capability_type' => 'post',
            'hierarchical' => false,
            'menu_position' => null,
            'supports' => array('title','editor','thumbnail', 'excerpt'),
            'rewrite' => array(
                //'slug' => 'event',
                'slug' => 'property/%property_order_id%'
            )
        );

        register_post_type( 'property' , $args );
        flush_rewrite_rules();
    }

    add_filter('post_type_link', 'property_permalink_structure', 10, 4);
    function property_permalink_structure($post_link, $post, $leavename, $sample) {
        if ( false !== strpos( $post_link, '%property_order_id%' ) ) {
            $event_type_term = get_the_terms( $post->ID, 'property_order_id' );
            $post_link = str_replace( '%property_order_id%', array_pop( $event_type_term )->slug, $post_link );
        }
        return $post_link;
    }