Taylor takes over from regular captain Daniel Vettori who is being rested while Kane Williamson and Kyle Mills rejoin the New Zealand side along with left-arm spinner Luke Woodcock who will make his one-day debut.
Pakistan named an unchanged team from the one chosen for the second match in Queenstown which was washed out.
New Zealand leads the six-match series 1-0 after winning the first match by nine wickets.
Pakistan captain Shahid Afridi said he also would have bowled first but was confident the pitch would be good.
"It's a good wicket for batting, maybe a little slow and it will also help the spinners as well," he said.