Taylor was among four jockeys that fell during the incident which occurred soon after straightening in race two, with her fellow riders being assessed for non-life-threatening injuries.
The 26-year-old was in her third season of riding and had won 16 of her 236 starts in the saddle.
A Canterbury local, Taylor's grounding with horses came in eventing, where she spent time working as a groom, including a two-year stint with New Zealand Olympians Tim and Jonelle Price in the United Kingdom.
“Our deepest sympathies are with Megan's family, friends, and others in the racing community who have worked closely with Megan. We will look to support them in any way possible in the coming days and weeks,” New Zealand Thoroughbred Racing chief executive Bruce Sharrock said.
“We also will support the Jockeys and others who were at the races today.”
Staff of the Racing Integrity Board and the New Zealand Police remain at the scene in the conduct of their investigations.
The tragedy is yet another blow to the tight knit racing community, coming just four months after jockey Taiki Yanagida died from injuries suffered in a race fall at Cambridge in August.