QPR boss Neil Warnock told the club's website: "We're delighted to have him on board and he gives us that little bit of quality you need for promotion.
"He has got unique talent and his target is to play at the top level, and I'm hoping we can achieve that."
Spurs boss Harry Redknapp once called Taarabt's skill 'frightening' but he only made nine league appearances for Spurs following his move from Lens in 2007.
Taarabt said: "I had options to go elsewhere, but what Neil said to me was very positive.
"Over the past year, everyone at the club has been great to me - it feels like home. I've come here because next year I want to play in the Premier League."
Source: BBC Sport
Source: BBC Sport