Bear with me while I brag a little. No seriously, look at these:
See what they are? Gift tags made entirely from this year's Christmas cards. (The bottom ones are a black/sparkly theme but the photography is a bit dodgy.)
The top three are simply pieces of card edging cut out and layered on top of each other in a sort of crafty but modern way. Even the basic tag is an old card. Make sure they're white on the back so that people can write greetings on them. With just one Christmas card you can make a whole set of gift tags around a single colo(u)r theme, like the red and green ones, or the black and gold ones.
So if, for example, you use gold shiny wrapping paper next year, your gifts will look incredibly smart with similar tags.
Yes, they're home made, and recipients will know they're home made. However, to me that says someone took the time to make them for you, and of course, it's all about re-using and re-cycling.