is there any limit of length on creating custom taxonomies?

There are some restrictions (caused by lengths of some columns in database).

Taxonomies

  • Taxonomy name – 32 characters
  • Term name (and term slug) – 200 characters

Posts

  • Post type name – 20 characters
  • Post name (slug) – 200 characters
  • Meta key – 255 characters

Options

  • Option name – 64 characters

Comments

  • Commenter email – 100 characters
  • Commenter url – 200 characters
  • Comment meta key – 255 characters

Users

  • User login – 60 characters
  • User nicename – 50 characters
  • User meta key – 255 characters
  • User email – 100 characters
  • User url – 100 characters
  • User display name – 250 characters