Final answer:
Tag values can be changed even when they are in use.
Step-by-step explanation:
The correct option is C) Tag values can only be changed when not in use. When changing the value of a tag, all references to the tag value will indeed show the new name (option A). Data will also not be lost when updating the tag (option B). However, tag values can be changed even when they are in use, so option C is not true. Lastly, historical data will reflect the change in the tag (option D).