But he admits he may be forced to sell the former Tottenham midfielder in the summer.
Warnock knows he might not be able to afford the luxury of such an attacking player if his side reach the Premier League.
He said: "Five years ago I wouldn't have had a Taarabt in my team because of formations and being solid.
"He'd be gone by now. I don't think I could tolerate him if we were in the bottom half.
"I don't think I'd have the patience and I'd have been wrong. He has proved that he can contribute to the team, whereas when I first came here I thought he was an out-and-out individual."