The 63-year-old had been walking in the grounds of Calke Abbey, Derbyshire, on Saturday. He died at Queen's Hospital, Burton-upon-Trent, Staffordshire.
Gordon Brown paid tribute to Mr Taylor, describing him as "one of the most hard working MPs locally and nationally".
Mr Taylor won his seat in 1997 and his majority in 2005 was 4,477.
He had been due to step down as the MP for North West Leicestershire at the next general election.