A lot of dogs develop "skin tags" and they are usually benign - humans get them too. As they get older, they seem to be more common as well (and, they can grow). Do you have a vet appt. in the next couple months or so? You could get it looked at then. But, if you're worried or unsure of what it is (and I certainly can't diagnose it, lol!), you could get it looked at. My experience has always been that it's a skin tag.