diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5cabd9608..8d79d3492 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,7 @@
 
 * [#2621](https://github.com/digitalocean/netbox/issues/2621) - Upgrade Django requirement to 2.2 to fix object deletion issue in the changelog middleware
 * [#3112](https://github.com/digitalocean/netbox/issues/3112) - Fix ordering of interface connections list by termination B name/device
+* [#3116](https://github.com/digitalocean/netbox/issues/3116) - Fix `tagged_items` count in tags API endpoint
 
 ---
 
diff --git a/netbox/extras/api/views.py b/netbox/extras/api/views.py
index 30ef826e8..2150cb5b5 100644
--- a/netbox/extras/api/views.py
+++ b/netbox/extras/api/views.py
@@ -116,7 +116,9 @@ class TopologyMapViewSet(ModelViewSet):
 #
 
 class TagViewSet(ModelViewSet):
-    queryset = Tag.objects.annotate(tagged_items=Count('taggit_taggeditem_items'))
+    queryset = Tag.objects.annotate(
+        tagged_items=Count('taggit_taggeditem_items', distinct=True)
+    )
     serializer_class = serializers.TagSerializer
     filterset_class = filters.TagFilter
 
diff --git a/netbox/extras/views.py b/netbox/extras/views.py
index 713143af8..2f088eb77 100644
--- a/netbox/extras/views.py
+++ b/netbox/extras/views.py
@@ -30,7 +30,7 @@ from .tables import ConfigContextTable, ObjectChangeTable, TagTable, TaggedItemT
 
 class TagListView(ObjectListView):
     queryset = Tag.objects.annotate(
-        items=Count('taggit_taggeditem_items')
+        items=Count('taggit_taggeditem_items', distinct=True)
     ).order_by(
         'name'
     )