, Duxbury said: "As chairman of the football club it was my privilege to commission the statue to honour Watford’s greatest ever manager, a phrase that has so often been used following Graham’s ill-timed passing.
"Of course the history books show that Graham was Watford’s greatest ever manager – the promotions, the victories, the trophies. But Graham’s legacy is far more than this."
He added: "Yes, today is about a statue to honour Watford’s greatest ever manager but for all of us the statue is so much more. It’s to ensure and acknowledge whilst we’ve loss a friend, he will never be forgotten."
Taylor first took charge of Watford in 1977 and stayed for 10 years.
During that time, he took the club from the fourth division to the first and came runner-up in the FA Cup in 1984, losing to Everton.
Elton John brought Taylor back to the club in 1996 after buying the club.
He won Division Two in 1998 and then beat Bolton Wanderers in the Play Off final the following year to take Watford to the Premier League.
He left the club in 2001 following health issues and relegation to Division One.
The statue of Taylor describes him as "Watford's greatest ever manager" and includes one of his quotes.
It says: "Football is a simple game. It's a game for the man on the terraces; it's a game to excite people."
Touching tribute to Graham Taylor from Elton John after Watford win 1999 play off final