Taxonomy Terms based on already created content Ok I have a client that builds homes in subdivision.  I have created a subdivision and homes content type.  What I want to be able to do is attach homes to subdivisions.  

What i want to be able to do is when a subdivision is created, it will automatically be available as either a taxonomy term, or as part of a drop down available when the client is creating a new home.

Is there a way that I can achieve this using the taxonomy module?

Thanks in advanced.
Instead of using taxonomy term use the following options:

Option 1: References module 


  This project provides D7 versions of the 'node_reference' and 'user_reference' field types.


Option 2: Entity reference module


  Provides a field type that can reference arbitrary entities.