The former Geelong midfielder had plenty of interest from three clubs – the Tigers, St Kilda and West Coast – after being delisted by the Cats, but has chosen to restart his career at Punt Road.
"We have been clear in our intention to add to our midfield during the off-season, and we believe Taylor will be a strong addition to the club," Richmond's general manager of football, Dan Richardson, said in a statement.
"Taylor will complement our playing list with his speed and versatility, and we are confident he has his best football ahead of him.
"While adding some experience in Taylor, we are still in a position to invest heavily in this year’s national draft, which was another of our aims as we prepare for the 2015 season.'