David Taylor was born in Perth, Scotland, in 1815 and moved to Belfast in 1842.

He set up a wholesale and retail textile business with Sir John Arnott, with premises at High Street. The firm, trading as John Arnott & Co., became so successful that it was floated on the market as a limited company.

Taylor became involved in the civic life of the city in 1856 when he was elected as a councillor for St Anne’s Ward. He served as Mayor in 1867 and for two consecutive terms in 1883 and 1884. Taylor served on the Belfast Corporation until his retirement in 1893.

He was knighted in 1883, receiving the honour from Earl Spencer on the occasion of laying the foundation stone of the Free Library (now Central Library) on Royal Avenue. Taylor had served as chairman of the Library Committee while active in the Corporation.

Taylor participated extensively in charitable and medical efforts in Belfast. He was associated with the Belfast Charitable Society for thirty-seven years, acting as its President from 1890. He was also a member of the Belfast Board of Guardians from 1857 to 1893. In addition to attending weekly meetings he frequently visited the Belfast Workhouse. He also sat on the Belfast Dispensary Committee and on the boards of the Belfast Royal Victoria Hospital and the Ophthalmic Hospital (Great Victoria Street).