The Swedish forward endured a difficult first season in England last term, managing just five goals following a big-money move from Toulouse.
However, Taylor is confident the burly 28-year-old will have learnt from the lessons of the last 12 months.
"The best of him is still to come," Taylor told The Bolton News.
"Next season will be the defining one if he can pick up - and I see him in training every day and I'm sure he can.
"He'll work hard in the summer and will come back as fit and strong as anyone and it will give me as much pleasure as him to see him prove everyone wrong and shut everyone up."
Elmander struggled to acclimatise to the physical nature of Premier League football last year, but Taylor is adamant the Swede is capable of adjusting his game to handle the rigours of life in England.
"It must be difficult to move from a different country and culture and come over here," Taylor added.
"That's not making any excuses for him because he's a striker who wants to score goals and he's as hard on himself as anybody.
"Johan has had to adapt his game slightly and probably made sacrifices in what he does for himself and what he does for the team.
"But that's the way we play and if he wants to play for our team that's what he has to do because we have a fantastic work ethic and Johan has understood that now.
"It hasn't quite happened for him yet but he's a good finisher and in training he puts it away."