Cannot show the value of the filter. The field may not be filterable, or the number of items returned exceeds the list view threshold enforced by the administrator

Problem:
When trying to filter a list with large items, got this error message: "Cannot show the value of the filter. The field may not be filterable, or the number of items returned exceeds the list view threshold enforced by the administrator"
Root cause:
Identified that the particular list has more than 25,000 rows in it. Filter fails as it exceeds the default threshold value configured.

Solution:
As the error message says: Your SharePoint Administrator got to update the Resource throttling threshold values from SharePoint 2010/2013 Central Administration site.Here are the steps to increase 'List View Threshold' value:

• Open SharePoint 2010 Central Administration site
• Go to Application Management' >> Manage Web Applications
• Choose the web application in which you want to make the changes
• Now from the ribbon, Click on 'General Settings >> Resource Throttling
• In the resource throttling page, increase the "List View Threshold" value from 5000 to large number (say: 15000)

Please note, You may face performance issues if you increase the throttling threshold values! To avoid consider:

• You can set predefined filters via "Modify list view" page and mitigate this issue. 
• You can archive old list items either to a new list or a folder inside the same list.