First thing you have to remember is to apply a using directive to qualify use of the SharePoint Taxonomy class. I can't tell you enough how nice it is come across a post that reminds us what classes are leveraged for a given solution.
using Microsoft.SharePoint.Taxonomy;
So let's say we have a ListItem declared as "_MyListItem," and we want to capture the text values saved in a Managed Metadata field called "MySpecialTerms" in a List object called "_MyListOfTerms." Here's how you do it:
List<string> _MyListOfTerms = new List<string>(); foreach (TaxonomyFieldValue aSingleTermValue in (TaxonomyFieldValueCollection)_MyListItem["MySpecialTerms"]) { _MyListOfTerms.Add(aSingleTermValue.Label); }
VoilĂ !
Happy Coding.