There are actually a couple of good ways to remove skin tags from your skin at home but there is one that I recommend most over the other. The first way is to tie a thin string around the tag as tight as possible cutting off the blood supply and it will fall off. This method could be a bit painful so I don't always recommend it. The other and best way I feel to remove them is to apply a treatment of liquid nitrogen like Compound W. This I believe, is the least painful method to use.
I had a roommate in college that would get skin tags and she would tie a piece of floss around it pretty tight at night then go to bed. When she woke up the skin tag would be gone and caught in the floss. It seemed to work everytime. You just need to make sure to get thin floss, not the "tape" kind that has been more popular.
There are some good home regimens that will get rid of skin tags. One thing you can do is tie a string around it for a few days until it falls off. You can use dental floss or thread as the string. Another regimen you can try is nail polish. Cover the tag will nail polish until it drys up. This method make take up to two weeks.