The 22 year-old midfielder moves to Spotland after enquires from Dale boss Keith Hill to get games under his belt, with Millers boss Ronnie Moore telling the official website: "It's a good deal for both parties."
Taylor has found first team chances limited since signing for Mark Robins during the summer, and was on trial with Rochdale in a previous spell.
The Millers bolstered their midfield with the capture of Gary Roberts yesterday on an initial month's contract.
MillersMAD wishes Jason well.