The young centre-half, who celebrated his 19th birthday at the weekend, has made impressive progress since making his City first-team debut in September 2019.
Harwood-Bellis went on to register four first-team appearances in total last term, figuring in the Carabao Cup twice, FA Cup and Champions League.
The Stockport-born teenager has continued to prosper this season, clocking up four further first team appearances in the Carabao Cup and FA Cup.
Now he will continue his development at Ewood Park with the Championship side for the remainder of the 2020/21 season.
Everyone at the Club wishes Taylor the best of luck for the remainder of the campaign.