To edit the settings for a tag and its notifications, swiping left on the desired tag will reveal a red icon (This is to delete the tag from your list) and a grey icon. Tap the grey icon to edit the settings.
In the settings screen, you are able to edit the name of the tag, the city the tag is located in, as well as the degree of sensitivity with which the tag detects movement.
The other options are your notification settings, go to the next page "Notifications" to learn more
The object a tag is associated to is identified by the object label.
This can be changed while editing the settings of your tag. Simply tap the object icon while editing to change the object.
IMPORTANT NOTE: Changing the object label will reset the data on the tag. This is to prevent using data from two different objects.