Any kind of skin growth should be checked by your veterinarian. A lot of times they are benign but they can be malignant. If you wait too long it might cause additional problems. They good news is that most tumors or skin growths can be completely removed and usually once removed they don't cause additional problems. There are some that can be serious though, so have it checked by your vet!
I just recently had this type of problem and ready to take my dog in for what would probably be $200. to remove the thing and put a stich in it, then another $600. to send it off to see what it was but while I happend to be at the vets the other day getting rabies shots I asked my vet about it, he told me to just pull/yank it off, he said it might bleed like crazy, if so use the same stuff you put on a toe nail if you cut the quick to help stop the bleeding, If it does not pull off than it might be something and I should bring him in, now he knew this was my expensive stud dog so I dont think he would tell me this if there could be serious side effects. anyway, I, being kinda wimpy in my getting older age, could not do this, so I asked my husband who just reaches over and yanks it off like nothing and before I think I even stopped asking him about it, it barely even bled, this was three days ago and now you would never know anything was ever there. his "Skin tag" was about the size on an eraser end and smaller at the base and was pretty much the same color as the skin maybe a little darker, hope this helps!!?? forgot to add the dog never even noticed.
***Edited By: bobbie on 7/13/2008 5:30:43 PM*** Reason: add comment
well he did tell me that and he is the best Vet I have ever ran accross expecailly for small animals, he could have been like most vets out there and took my $200. to $800. and went on a vacation for the weekend or applied it to the big remodel and new equipment he just got, he choose to tell me the truth of the matter. we live in a rural area and there are not to many people out here to coddle and baby everyone and they are not into taking their Money for no reason either, they tell you like it is and you can take it or leave it, I have used this particlar Vet for 6 years on my Dogs and the vet clinic after going through several places finding it, for 18 years. chances are if you took a dog in for the same thing your vet would probably yank it off too! but he sure isnt going to tell you that!