Change settings for a tag

Is it possible to change settings for a particular tag?
Similar to the option to change settings for a pack?

What kind of settings do you want to change? Do you want to associate new/review limits with tags? Tags were not designed for this: They are merely a way to organize your notes in categories to make finding them easier. You can just make a new deck and move notes tagged with a certain tag to that deck to work around this.