Shouldn't there be a re-tag option, for community questions? Users can still re-tag questions by going through the edit menu.
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EDIT: I have both buttons
Shouldn't there be a re-tag option, for community questions?
Community wiki questions are editable by a lot more users than regular posts, and since you have 500+ reputation you have full editing privileges there.
Just as 2k+ users who get full editing privileges on all posts, you lose access to the retag option on questions you can edit completely, as it would be redundant: The edit option replaces the retag option for 2k+ reputation users. That's also the reason for the confused comments on your question: We 2k+ users don't have the retag link on any question.
With 20k+ rep, it looks like this (vote to close is a 3k rep privilege, protect is 15k rep):
If you only edit the tags using the edit option, it doesn't count as a full edit (e.g. towards the Editor badges).
You are in the unfortunate situation to have retag permissions, and, through suggested edits, have an edit link that places your changes in a queue. That's why there's both options:
Once you gain the edit privilege without prior approval, the retag link will disappear, as it's redundant.