Taylor came to the club with pick 51 in the 2009 NAB AFL Draft after he chose to bypass Gold Coast, who could have taken him as a Northern Territory zone selection.
The 19-year-old played four games for the Tigers this year, two early in the season, and the final two rounds.
Taylor was charged with assaulting three men on New Year's Eve 2009, and he faced court on five charges in August this year.
He received a two-and-a-half month suspended jail sentence and was also placed on a two-year good behaviour bond. Three of the charges were dropped.
Richmond's general manager of football, Craig Cameron, said the club was hoping that Taylor would return to Punt Rd soon.
"The club is aware that Troy has some personal issues he is dealing with at the moment. We have been in constant contact with Troy and his family while he works through those issues," Cameron said.
"We are hopeful that Troy will return to the club in the near future, and we will continue to support him through this period."
