diff --git a/hgext/convert/subversion.py b/hgext/convert/subversion.py
--- a/hgext/convert/subversion.py
+++ b/hgext/convert/subversion.py
@@ -468,10 +468,13 @@ class svn_source(converter_source):
                     if source.startswith(srctagspath):
                         remainings.append([source, sourcerev, tagname])
                         continue
-                    # From revision may be fake, get one with changes
+                    if tagname in tags:
+                        # Keep the latest tag value
+                        continue
+                    # From revision may be fake, get one with changes                    
                     try:
                         tagid = self.latest(source, sourcerev)
-                        if tagid:
+                        if tagid and tagname not in tags:
                             tags[tagname] = tagid
                     except SvnPathNotFound:
                         # It happens when we are following directories we assumed
diff --git a/tests/svn/svndump-tags.sh b/tests/svn/svndump-tags.sh
--- a/tests/svn/svndump-tags.sh
+++ b/tests/svn/svndump-tags.sh
@@ -44,6 +44,14 @@ svn ci -m changea3
 svn up
 svn mv tags/trunk.badtag tags/trunk.goodtag
 svn ci -m "fix trunk.badtag"
+echo a >> trunk/a
+svn ci -m changea
+# Delete goodtag and recreate it, to test we pick the good one
+svn rm tags/trunk.goodtag
+svn ci -m removegoodtag
+svn up
+svn copy trunk tags/trunk.goodtag
+svn ci -m recreategoodtag
 cd ..
 
 svnadmin dump svn-repo > ../tags.svndump
\ No newline at end of file
diff --git a/tests/svn/tags.svndump b/tests/svn/tags.svndump
--- a/tests/svn/tags.svndump
+++ b/tests/svn/tags.svndump
@@ -1,6 +1,6 @@
 SVN-fs-dump-format-version: 2
 
-UUID: 65371b91-a2cf-4cb1-a047-08b28c3b4c40
+UUID: a9c3b03d-cffa-4248-8023-ecf4b2bdf5d5
 
 Revision-number: 0
 Prop-content-length: 56
@@ -9,7 +9,7 @@ Content-length: 56
 K 8
 svn:date
 V 27
-2008-12-06T13:50:23.869747Z
+2009-04-29T19:26:51.708679Z
 PROPS-END
 
 Revision-number: 1
@@ -27,7 +27,7 @@ pmezard
 K 8
 svn:date
 V 27
-2008-12-06T13:50:23.944361Z
+2009-04-29T19:26:52.115023Z
 PROPS-END
 
 Node-path: branches
@@ -81,7 +81,7 @@ pmezard
 K 8
 svn:date
 V 27
-2008-12-06T13:50:25.174397Z
+2009-04-29T19:26:53.109819Z
 PROPS-END
 
 Node-path: trunk/a
@@ -90,6 +90,7 @@ Node-action: add
 Prop-content-length: 10
 Text-content-length: 2
 Text-content-md5: 60b725f10c9c85c70d97880dfe8191b3
+Text-content-sha1: 3f786850e387550fdab836ed7e6dc881de23001b
 Content-length: 12
 
 PROPS-END
@@ -111,7 +112,7 @@ pmezard
 K 8
 svn:date
 V 27
-2008-12-06T13:50:26.148468Z
+2009-04-29T19:26:54.073017Z
 PROPS-END
 
 Node-path: trunk/a
@@ -119,6 +120,7 @@ Node-kind: file
 Node-action: change
 Text-content-length: 4
 Text-content-md5: 0d227f1abf8c2932d342e9b99cc957eb
+Text-content-sha1: d7c8127a20a396cff08af086a1c695b0636f0c29
 Content-length: 4
 
 a
@@ -140,7 +142,7 @@ pmezard
 K 8
 svn:date
 V 27
-2008-12-06T13:50:27.147988Z
+2009-04-29T19:26:55.076032Z
 PROPS-END
 
 Node-path: trunk/a
@@ -148,6 +150,7 @@ Node-kind: file
 Node-action: change
 Text-content-length: 6
 Text-content-md5: 7d4ebf8f298d22fc349a91725b00af1c
+Text-content-sha1: 92f31bc48f52339253fce6cad9f2f0c95b302f7e
 Content-length: 6
 
 a
@@ -170,7 +173,7 @@ pmezard
 K 8
 svn:date
 V 27
-2008-12-06T13:50:28.174989Z
+2009-04-29T19:26:56.095784Z
 PROPS-END
 
 Node-path: unrelated/dummy
@@ -179,6 +182,7 @@ Node-action: add
 Prop-content-length: 10
 Text-content-length: 2
 Text-content-md5: 60b725f10c9c85c70d97880dfe8191b3
+Text-content-sha1: 3f786850e387550fdab836ed7e6dc881de23001b
 Content-length: 12
 
 PROPS-END
@@ -200,7 +204,7 @@ pmezard
 K 8
 svn:date
 V 27
-2008-12-06T13:50:32.157783Z
+2009-04-29T19:27:00.074864Z
 PROPS-END
 
 Node-path: tags/trunk.badtag
@@ -208,14 +212,6 @@ Node-kind: dir
 Node-action: add
 Node-copyfrom-rev: 5
 Node-copyfrom-path: trunk
-Prop-content-length: 34
-Content-length: 34
-
-K 13
-svn:mergeinfo
-V 0
-
-PROPS-END
 
 
 Node-path: tags/trunk.v1
@@ -223,14 +219,6 @@ Node-kind: dir
 Node-action: add
 Node-copyfrom-rev: 5
 Node-copyfrom-path: trunk
-Prop-content-length: 34
-Content-length: 34
-
-K 13
-svn:mergeinfo
-V 0
-
-PROPS-END
 
 
 Revision-number: 7
@@ -248,7 +236,7 @@ pmezard
 K 8
 svn:date
 V 27
-2008-12-06T13:50:33.145803Z
+2009-04-29T19:27:01.073910Z
 PROPS-END
 
 Node-path: trunk/a
@@ -256,6 +244,7 @@ Node-kind: file
 Node-action: change
 Text-content-length: 8
 Text-content-md5: d12178e74d8774e34361e0a08d1fd2b7
+Text-content-sha1: cce0b2a263066e26610df9082b7b3c810f71262e
 Content-length: 8
 
 a
@@ -279,7 +268,7 @@ pmezard
 K 8
 svn:date
 V 27
-2008-12-06T13:50:36.153842Z
+2009-04-29T19:27:04.073542Z
 PROPS-END
 
 Node-path: tags/trunk.goodtag
@@ -293,3 +282,83 @@ Node-path: tags/trunk.badtag
 Node-action: delete
 
 
+Revision-number: 9
+Prop-content-length: 108
+Content-length: 108
+
+K 7
+svn:log
+V 7
+changea
+K 10
+svn:author
+V 7
+pmezard
+K 8
+svn:date
+V 27
+2009-04-29T19:27:05.095204Z
+PROPS-END
+
+Node-path: trunk/a
+Node-kind: file
+Node-action: change
+Text-content-length: 10
+Text-content-md5: 3f65cbdca1b64c2f8f574fccae24f3a4
+Text-content-sha1: 5c077263421de2abff9dbe867921bc6810811aa2
+Content-length: 10
+
+a
+a
+a
+a
+a
+
+
+Revision-number: 10
+Prop-content-length: 115
+Content-length: 115
+
+K 7
+svn:log
+V 13
+removegoodtag
+K 10
+svn:author
+V 7
+pmezard
+K 8
+svn:date
+V 27
+2009-04-29T19:27:06.089193Z
+PROPS-END
+
+Node-path: tags/trunk.goodtag
+Node-action: delete
+
+
+Revision-number: 11
+Prop-content-length: 117
+Content-length: 117
+
+K 7
+svn:log
+V 15
+recreategoodtag
+K 10
+svn:author
+V 7
+pmezard
+K 8
+svn:date
+V 27
+2009-04-29T19:27:09.070471Z
+PROPS-END
+
+Node-path: tags/trunk.goodtag
+Node-kind: dir
+Node-action: add
+Node-copyfrom-rev: 10
+Node-copyfrom-path: trunk
+
+
diff --git a/tests/test-convert-svn-tags b/tests/test-convert-svn-tags
--- a/tests/test-convert-svn-tags
+++ b/tests/test-convert-svn-tags
@@ -28,7 +28,7 @@ hg convert --datesort $svnurl A-hg
 
 cd A-hg
 hg glog --template '#rev# #desc|firstline# tags: #tags#\n'
-hg tags -q
+hg tags | sed 's/:.*/:/'
 cd ..
 
 echo % convert without tags
diff --git a/tests/test-convert-svn-tags.out b/tests/test-convert-svn-tags.out
--- a/tests/test-convert-svn-tags.out
+++ b/tests/test-convert-svn-tags.out
@@ -3,17 +3,20 @@ initializing destination A-hg repository
 scanning source...
 sorting...
 converting...
-4 init projA
-3 adda
-2 changea
-1 changea2
-0 changea3
+5 init projA
+4 adda
+3 changea
+2 changea2
+1 changea3
+0 changea
 updating tags
-o  5 update tags tags: tip
+o  6 update tags tags: tip
+|
+o  5 changea tags: trunk.goodtag
 |
 o  4 changea3 tags:
 |
-o  3 changea2 tags: trunk.v1 trunk.goodtag
+o  3 changea2 tags: trunk.v1
 |
 o  2 changea tags:
 |
@@ -21,17 +24,18 @@ o  1 adda tags:
 |
 o  0 init projA tags:
 
-tip
-trunk.v1
-trunk.goodtag
+tip                                6:
+trunk.goodtag                      5:
+trunk.v1                           3:
 % convert without tags
 initializing destination A-notags-hg repository
 scanning source...
 sorting...
 converting...
-4 init projA
-3 adda
-2 changea
-1 changea2
-0 changea3
+5 init projA
+4 adda
+3 changea
+2 changea2
+1 changea3
+0 changea
 tip