Taxonomy Token module is very useful for this purpose but only in Drupal 6. As In Drupal 7 The core Taxonomy and Token core modules already offer similar features.
In Drupal 7 Taxonomies are related to nodes through fields of the type Term reference. So for creating taxonomy token in Drupal 7, we can follow the same approach as creating taxonomy for entity fields for node or users.
For complete code source click on the following link:
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