I had a problem recently in which regular users (NT Authenticated users) could not see any data in Managed Metadata columns. The column headings were there, but not the data values. I searched for quite a while and I finally found what was needed.

There’s a hidden list called ‘TaxonomyHiddenList’ that needs to have certain permissions. Just go to:

[your SiteCollection URL]/Lists/TaxonomyHiddenList

Once you’re there, click on Lists and then List Permissions. Here are the permissions you need to assign, if you’re having the same problem:

• NT Authority\authenticated users – – READ
• System Account (SHAREPOINT\system) — Full Control

That’s it and you’re done!