For Facebook, no often means yes. Even if you opt out of tracking, Facebook admits it can track you anyway.
Paul Bischoff of Comparitech.com says the only way to avoid being tracked by anyone is to use a VPN.
"Really, any web site can accurately get your location just through your IP address; but what it sounds like Facebook is doing -- and this has long been a problem with Facebook -- is that people can impact their friends' privacy and not just their own privacy."
Bischoff says there is a Facebook feature called Timeline Review which allows you to preview pictures you're tagged in and other things friends might do to give away your location, before it actually goes on your timeline.
"What happens is any time someone tags you in a post or a photo it'll first go to you before it shows up on your own timeline for other people to see and you can say 'I don't want to be tagged in this photo' or 'I don't want to be tagged at this location.'"
Bischoff points out this is not unique to Facebook. If you're not using a VPN, any site can track you based on your IP address.