Using custom taxonomy as custom post type URL base

custom-post-type.php

<?php
add_action( 'init', 'my_custom_post_types_init', 0 );
function my_custom_post_types_init() 
{
	/**
	 * Register the post types
	 */
	$my_post_types = array(
		'property' => array(
			'post_type_name_singular' => 'Property',
			'post_type_name_plural'   => 'Properties',
			'post_type_slug'          => 'property',
			'post_type_icon'          => 'dashicons-building',
			'hierarchical'			  => true, // make false so this works with the custom permalinks and rewrite rules
			'rewrite' => array(
				'slug'                  => '%location%', // Remove the slug
				'with_front'            => false, // without front
				'pages'                 => true,
				'feeds'                 => true,
			)
		),
	);

	/**
	 * Loop the post types
	 */
	foreach ( $my_post_types as $post_type_key => $my_post_type_args )
	{
		$post_type_name_singular = isset($my_post_type_args['post_type_name_singular']) ? $my_post_type_args['post_type_name_singular'] : 'empty';
		$post_type_name_plural   = isset($my_post_type_args['post_type_name_plural']) ? $my_post_type_args['post_type_name_plural'] : 'empty';
		$post_type_slug          = isset($my_post_type_args['post_type_slug']) ? $my_post_type_args['post_type_slug'] : 'empty';
		$post_type_icon          = isset($my_post_type_args['post_type_icon']) ? $my_post_type_args['post_type_icon'] : 'dashicons-nametag';
		$hierarchical            = isset($my_post_type_args['hierarchical']) ? $my_post_type_args['hierarchical'] : false;

		$labels = array(
			'name'                  => _x( $post_type_name_plural, 'Post Type General Name', 'any' ),
			'singular_name'         => _x( $post_type_name_singular, 'Post Type Singular Name', 'any' ),
			'menu_name'             => __( $post_type_name_plural, 'any' ),
			'name_admin_bar'        => __( $post_type_name_singular, 'any' ),
			'archives'              => __( $post_type_name_singular . ' Archives', 'any' ),
			'attributes'            => __( $post_type_name_singular . ' Attributes', 'any' ),
			'parent_item_colon'     => __( 'Parent ' . $post_type_name_singular . ':', 'any' ),
			'all_items'             => __( 'All ' . $post_type_name_plural, 'any' ),
			'add_new_item'          => __( 'Add New ' . $post_type_name_singular, 'any' ),
			'add_new'               => __( 'Add New', 'any' ),
			'new_item'              => __( 'New ' . $post_type_name_singular, 'any' ),
			'edit_item'             => __( 'Edit ' . $post_type_name_singular, 'any' ),
			'update_item'           => __( 'Update ' . $post_type_name_singular, 'any' ),
			'view_item'             => __( 'View ' . $post_type_name_singular, 'any' ),
			'view_items'            => __( 'View ' . $post_type_name_plural, 'any' ),
			'search_items'          => __( 'Search ' . $post_type_name_singular, 'any' ),
			'not_found'             => __( 'Not found', 'any' ),
			'not_found_in_trash'    => __( 'Not found in Trash', 'any' ),
			'featured_image'        => __( 'Featured Image', 'any' ),
			'set_featured_image'    => __( 'Set featured image', 'any' ),
			'remove_featured_image' => __( 'Remove featured image', 'any' ),
			'use_featured_image'    => __( 'Use as featured image', 'any' ),
			'insert_into_item'      => __( 'Insert into ' . $post_type_name_singular, 'any' ),
			'uploaded_to_this_item' => __( 'Uploaded to this ' . $post_type_name_singular, 'any' ),
			'items_list'            => __( $post_type_name_plural . ' list', 'any' ),
			'items_list_navigation' => __( $post_type_name_plural . ' list navigation', 'any' ),
			'filter_items_list'     => __( 'Filter ' . $post_type_name_plural . ' list', 'any' ),
		);
		if ( isset($my_post_type_args['rewrite']) )
		{
			$rewrite = $my_post_type_args['rewrite'];
		}
		else
		{
			$rewrite = array(
				'slug'                  => $post_type_slug,
				'with_front'            => true,
				'pages'                 => true,
				'feeds'                 => true,
			);
		}
		$args = array(
			'label'                 => __( $post_type_name_singular, 'any' ),
			'description'           => __( 'Post Type Description', 'any' ),
			'labels'                => $labels,
			'supports'              => array( 'title', 'thumbnail', 'editor', 'excerpt', 'page-attributes' ),
			'taxonomies'            => array('brand'),
			'hierarchical'          => $hierarchical,
			'public'                => true,
			'show_ui'               => true,
			'show_in_menu'          => true,
			'menu_position'         => 5,
			'menu_icon'         	=> $post_type_icon,
			'show_in_admin_bar'     => true,
			'show_in_nav_menus'     => true,
			'can_export'            => true,
			'has_archive'           => true,
			'exclude_from_search'   => false,
			'publicly_queryable'    => true,
			'rewrite'               => $rewrite,
			'capability_type'       => 'page',
			'show_in_rest'          => true,
		);
		register_post_type( $post_type_key, $args );
	}

}
if ( ! function_exists( 'location' ) ) 
{

	// Register Custom Taxonomy
	function location() 
	{
	
		$labels = array(
			'name'                       => _x( 'Locations', 'Taxonomy General Name', 'any' ),
			'singular_name'              => _x( 'Location', 'Taxonomy Singular Name', 'any' ),
			'menu_name'                  => __( 'Location', 'any' ),
			'all_items'                  => __( 'All Locations', 'any' ),
			'parent_item'                => __( 'Parent Location', 'any' ),
			'parent_item_colon'          => __( 'Parent Location:', 'any' ),
			'new_item_name'              => __( 'New Location Name', 'any' ),
			'add_new_item'               => __( 'Add New Location', 'any' ),
			'edit_item'                  => __( 'Edit Location', 'any' ),
			'update_item'                => __( 'Update Location', 'any' ),
			'view_item'                  => __( 'View Location', 'any' ),
			'separate_items_with_commas' => __( 'Separate Locations with commas', 'any' ),
			'add_or_remove_items'        => __( 'Add or remove Location', 'any' ),
			'choose_from_most_used'      => __( 'Choose from the most used', 'any' ),
			'popular_items'              => __( 'Popular Locations', 'any' ),
			'search_items'               => __( 'Search Locations', 'any' ),
			'not_found'                  => __( 'Not Found', 'any' ),
			'no_terms'                   => __( 'No items', 'any' ),
			'items_list'                 => __( 'Items list', 'any' ),
			'items_list_navigation'      => __( 'Items list navigation', 'any' ),
		);
		$args = array(
			'labels'                     => $labels,
			'hierarchical'               => true,
			'public'                     => true,
			'show_ui'                    => true,
			'show_admin_column'          => true,
			'show_in_nav_menus'          => true,
			'show_tagcloud'              => true,
			'show_in_rest'               => true,
			'query_var' 				 => 'location',
			'rewrite' 					 => true
		);
		register_taxonomy( 'location', array( 'property' ), $args );
	
	}
	add_action( 'init', 'location', 0 );
	
}

/**
 * Rewrite the URL for properties
 *
 * @link https://www.shibashake.com/wp/add-custom-taxonomy-tags-to-your-wordpress-permalinkss
 * @param [type] $permalink
 * @param [type] $post_id
 * @param [type] $leavename
 * @return void
 */
function location_permalink( $permalink , $post_id , $leavename ) 
{ 
	 if ( strpos ( $permalink , '%location%' ) === FALSE) return $permalink; 
	 // Get post 
	 $post = get_post( $post_id ); 
	 if (! $post ) return $permalink ; 
	  
	  // Get taxonomy terms 
	  $terms = wp_get_object_terms( $post ->ID, 'location' ); 
	  if ( !is_wp_error( $terms ) && ! empty ( $terms ) && is_object ( $terms[0] )) 
	  {
		$taxonomy_slug = $terms[0]->slug; 
	  }
	  else 
	  {
		$taxonomy_slug = 'no-location' ; 
	  }
	  
	  return str_replace ( '%location%' , $taxonomy_slug , $permalink ); 
 }

 add_filter( 'post_link' , 'location_permalink' , 10, 3); 
 add_filter( 'post_type_link' , 'location_permalink' , 10, 3);