RNZ reports the North Queensland Cowboys lock and Melbourne Storm half-back headed into the final round of counting level on 26 points, but neither managed to poll, meaning the league's top honour was shared for the second time in three years.
Cameron Smith and Johnathan Thurston followed in equal third on 22 points.
Kiwi's star Taumalolo said he was happy to share the award with Cronk, but was modest when talking about his own outstanding season.
"I don't think I changed compared to last year, just run harder," he said.
"That's my gameplan heading into every game and I don't think that'll change for years."
Taumalolo is just the second Kiwis player to win the Dally M, after Gary Freeman in 1992.
Cronk, 32, has now won the Dally M for the second time after topping the league in 2013.
He joins a rare group of players to wear the medallion on more than one occasion, joining Peter Sterling, Mick Potter, Cliff Lyons, Andrew Johns, Gavin Miller, Thurston and Jarryd Hayne.
Dally M winners' list
Full-back of the year: James Tedesco
Winger: Josh Mansour
Centre: Joey Leilua
Five-eighth: James Maloney
Half-back: Cooper Cronk
Lock: Jason Taumalolo
Second-rower: Matt Gillett
Prop: Jesse Bromwich
Hooker: Cameron Smith
Coach: Ricky Stuart
Captain: Jarrod Croker
Representative: Cameron Smith
Female player: Kezie Apps
Moment of the year: Anthony Milford field goal (Rd 4, Broncos vs Cowboys)
Provan Summons medal: Jarrod Croker
Ken Stephen medal: Joel Thompson
Rookie: Ash Taylor
NYC player: Jayden Brailey