Yes - now that we have suggested edits and anyone can propose tag changes to a question, the re-tag privilege has been retired. We're in search of a new privilege to take its place, but the change is live. We'll be getting something in that spot in the very near future.
This means that changes that just edit tags are okay, but do have a look at the post to see if anything besides tags might need fixing. If you were previously making tag changes that weren't rolled back, then you'll very likely have no problem getting them in. In fact, people with far less than 500 reputation have been re-tagging questions for quite some time now.
We really did hope to have something to replace the privilege prior to retiring it, but the change needed to go out and we can still get something (hopefully more substantial than just being able to edit tags, which anyone can effectively do) in its place rather soon.