What is the proper way to change taxonomy's name after everythings created

change the database with this query:
UPDATE 'wp_term_taxonomy' SET 'taxonomy'= '<new taxonomy name>' WHERE 'taxonomy' = '<old taxonomy name>';
adjust the register_custom_post_type functions.
Flush permalinks and all should be cool.

make a backup before doing any changes to the database 🙂

This can also be a helper:
http://wordpress.org/plugins/term-management-tools/

You’re welcome lukelee 🙂
please don’t forget to mark the topic as ‘resolved’ if you don’t require further input. Thanks.