http://wptheming.com/2011/04/add-remove-github-tags/
For my projects on GitHub I like to have the most recent stable version tagged so that people have an easy download link to it. So when I go from versions 0.4 > 0.5 on project (for instance), I do this:
1) Delete the v0.4 tag locally: git tag -d v0.4
2) Delete the v0.4 tag on GitHub (which removes its download link): git push origin :v0.4
3) Add a new tag for the newest stable release: git tag -a v0.5 -m "Version 0.5 Stable"
4) Push the latest tag to GitHub (two dashes): git push --tags