A spokeswoman at the school confirmed it had a trauma team on site and the school's flag was flying at half-mast.
In a media statement, the school's Board of Trustees said they and the community were "saddened at the tragic loss of a valued student".
"This young man was admired and respected by his peers. He was a great school leader and an amazing sportsman," the statement read.
"He will be dearly missed by the whole school community, our love and thoughts are with his family at this sad time."
The school has asked for privacy for the family, students and school community during this time.
Taupo mayor David Trewavas told the Rotorua Daily Post the news was "absolutely devastating".
"Our heart goes out to the families dealing with this tragedy. Any death in these circumstances is devastating, but especially given the age of the boy.
"It was a beautiful day, the end of the school holidays and there were lots of people out and about so it is heartbreaking to have this happen."
Mr Trewavas said he had no doubt the district would "rally around the community to do everything we can to help during this hard time".
A post mortem will be carried out today.
Police will not be disclosing the outcome of the post mortem and will be making no further comment until the conclusion of the investigation.
New Zealand Mountain Safety Council chief executive Mike Daisley expressed his condolences to the family.
"Our thoughts and condolences are with the family and friends of Connor Brian Phillips who was killed in a firearms incident in the Kaingaroa Forest, near Taupo, yesterday.
"This marks the fifth non-intentional firearms death this year - five too many. Incidents like this bring home the importance of keeping the seven basic rules of firearms safety front of mind at all times when handling a firearm, and always pointing your firearms in a safe direction.
"A moment's distraction can be enough to turn many lives upside down," Mr Daisley said.
Connor's family did not wish to make a comment at this stage.
A scene examination was conducted yesterday and police will be speaking to a number of people as part of the ongoing investigation.
The Firearms Safety Code: Seven Basic Rules of Safe Firearms Handling
- Treat every firearm as loaded, check every firearm yourself, pass or accept only an open or unloaded firearm.
- Always point firearms in a safe direction
- Load a firearm only when ready to fire, completely unload before leaving the shooting area.
- Identify your target beyond all doubt, movement, colour, sound and shape can all deceive you.
- Check your firing zone
- Store firearms and ammunition safely, when not in use, lock away the bolt, firearm and ammunition separately.
- Avoid alcohol and drugs when handling firearms.
