Managed Metadata changes not applied to list items after changing the term Store Label

Problem:

Managed Metadata changes not applied to list items after changing the term Store Label. 

Sometimes you changed a term and you are wondering why the changed term cannot be seen in a List where you are using the terms in a column.

Consider the following scenario:

·   You are using Managed Metadata and administrate that within the central administration website.

·   You are using a List in a site and added a column to use Terms saved in the Managed Metadata database.

·   You changed a term in the taxonomy term store.

·   You may run manually the Taxonomy Update Scheduler job on the Scheduled Jobs central admin page or waited more than one hour; because the schedule of that job is set out of the box to run every hour.

·   You may see that the changed term has not been updated to the new value on the List where you are using those information.

·   You found the following entry in the ULS log:

·   Exception with ULS log entry:

Exception occurred while hidden list being updated: System.IO.FileNotFoundException: The site with the id 6c03a437-0d6d-44a3-a542-6235b854a36e could not be found.   
at Microsoft.SharePoint.SPSite..ctor(Guid id, SPFarm farm, SPUrlZone zone, SPUserToken userToken)   
at Microsoft.SharePoint.SPSite..ctor(Guid id)   
at Microsoft.SharePoint.Taxonomy.UpdateHiddenListJobDefinition.ProcessProxy(MetadataWebServiceApplicationProxy proxy)   
at Microsoft.SharePoint.Taxonomy.UpdateHiddenListJobDefinition.Execute(Guid targetInstanceId) 

Workaround:

To work around the issue and update the Taxonomy Hidden list manually you can use the following PowerShell script as follows.

Add-PSSnapin microsoft.sharepoint.powershell

$site=Get-SPSite <Site-URL>

[Microsoft.SharePoint.Taxonomy.TaxonomySession]::SyncHiddenList($site)

$site.dispose()