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You might find the following error being reported in the windows event log:

Load control template file /_controltemplates/TaxonomyPicker.ascx failed: Could not load type ‘Microsoft.SharePoint.Portal.WebControls.TaxonomyPicker’ from assembly ‘Microsoft.SharePoint.Portal, Version=, Culture=neutral, PublicKeyToken=71e9bce111e9429c’.

This is caused by a typo where the comma has been encoded in the TaxonomyPicker.ascx in the control located in the SharePoint Root controltemplates folder.

Simply locate the following:

<%@ Control className=”TaxonomyPickerControl” Language=”C#” Inherits=”Microsoft.SharePoint.Portal.WebControls.TaxonomyPicker&#44;Microsoft.SharePoint.Portal, Version=, Culture=neutral, PublicKeyToken=71e9bce111e9429c” %>

You can see the typo highlighted. Replace this with comma,

<%@ Control className=”TaxonomyPickerControl” Language=”C#” Inherits=”Microsoft.SharePoint.Portal.WebControls.TaxonomyPicker, Microsoft.SharePoint.Portal, Version=, Culture=neutral, PublicKeyToken=71e9bce111e9429c” %>

Save the file and reset IIS.

Bingo problem fixed. Hopefully this will get resolved in the Service Pack but for now making this manual change on each SharePoint server should fix the issue.