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A draw was a fair result after the Foxes had led for a long period, but failed to create much in the way of goalscoring chances.
City took the lead as early as the ninth minute when James Scowcroft charged down a weak Portsmouth clearance for Benjamin to lash home the loose ball from 15 yards.
Paul Dickov headed tamely wide shortly after, but much of the half was dominated by the visitors with Yakubu Ayegbeni going close with a low drive which was saved well by Ian Walker.
After the break Dickov squandered a easy chance firing wide after a poor backpass from Tim Sherwood had left him with only goalkeeper Shaka Hislop to beat.
The miss proved costly when Taylor fired Pompey level ten minutes later.
Paul Merson's crossfield pass picked out Taylor wide on the left and he cut inside Frank Sinclair and Scowcroft before unleashing an unstoppable effort, which curled past Walker and crashed in off the far post.
After that both teams seemed to settle for the draw with neither prepared to commit men forward in search of the victory.
Callum Davidson did have one optimistic penalty appeal turned down late on, but only the most pessimistic fan would now bet against these two sides celebrating promotion in May.