I am getting Public && Owner in the term list. Here was the fix I went with:

--- taxonomy_access.admin.inc
+++ taxonomy_access.admin.inc
@@ -528,7 +528,7 @@
   if ($label_key) {
     $form[$label_key] = array(
       '#type' => 'markup',
-      '#markup' => check_plain($grants[$label_key]),
+      '#markup' => $grants[$label_key],
     );
   }
   foreach (array('view', 'update', 'delete', 'create', 'list') as $grant) {