Taxonomy w/ Hierarchical URLs

register-taxonomy.php

<?php

  $labels = array(
    'name' => 'Regions',
    'label' => 'Regions'
  );
  $args = array(
    'labels' => $labels,
    'hierarchical' => true,
    'label' => 'Regions',
    'show_ui' => true,
    'query_var' => true,
    'rewrite' => array( 'slug' => 'regions', 'with_front' => true,  'hierarchical' => true ),
    'show_admin_column' => false
  );
  register_taxonomy( 'region', array( 'property' ), $args );