Taste is knowing what is good — being able to recognize it.
Skill is the ability to build — to do what’s needed to do the work.

Taste and skill are totally independent. Movie critics (may) have great taste but they don’t know how to make movies themselves. Mediocre directors, in turn, might know exactly how to shoot scenes, but have no taste for making good ones. - Taste and Skills

If great taste is knowing what’s good, and great skill is knowing how to build things, there is a third element that I have consistently found in the most experienced people I have known.

They do not only know what is good — they also know exactly why.

They know what makes good things good.

Which is less trivial than it seems.