The striker recently scored the winning goal in the 1-0 win over West Bromwich Albion.
The striker was signed from Anderlecht in the summer, with manager Steve McClaren having brought him in to try to add more goals to the Magpies' line-up.
He has somewhat struggled in that regard, with just five goals to his name in the Premier League this season in what has been a tough first campaign in England.
His latest strike was the winner against West Bromwich Albion last weekend though, and Taylor says he has a big future at the club.
"For me, he is a class act," he told nufc.co.uk.
"He is a good target man and is only young but is bullying experienced defenders and knocking them about. He takes a lot of hits but gets up and gets on with it.
“I thought he was outstanding (against West Brom). He looked clinical, confident and that showed when he went through to score.”
The Magpies will now be hoping that Mitrovic can add more goals to his tally in the 13 games remaining this season.
They are certainly in desperate need of a regular goalscorer, having managed just 26 goals collectively so far, the fourth worst tally in the division.
That is one of the reasons why Newcastle find themselves in touching distance of the bottom three, and Mitrovic finding his scoring boots between now and the end of the campaign would be a serious boost to their survival hopes.