Tags may be edited; however, keep in mind if you change the Entity field and that tag had already been used, this will break the link assigned to an existing Task. Further, if you change the Tag Name to have a completely different purpose, this will affect all Tasks where that tag was previously assigned.
To edit a Tag, navigate to Setup > Operations > Tags.
The Tags list will be displayed. Locate the Tag you wish to edit, and then click on the Edit button.
The Edit Tag form will be displayed. Make the necessary changes, and then click on the Save button when finished.