"Our priority at this stage is identifying the man and notifying and supporting his family.''
Background information from the family will be vital to the investigation, he said.
Anyone with information about this shooting is asked to contact Taupo police on 07 378 6060. Information can also be provided anonymously via Crimestoppers on 0800 555111.
Rotorua Daily Post reporter Gary Hamilton-Irvine, who was near the scene, said he spoke with a local farmer who heard a helicopter in the area about 4pm.
Police staff and an ambulance were at the scene.
The roads in the area were blocked, with police manning a roadblock on the corner of Tram and Tirohanga Rds.
Vehicles were being turned away, with police staff saying the road was likely to be blocked for a couple of hours.
- additional reporting APNZ