I'm running Mp3tag v2.47b under Windows 7 64-bit. It installed and works fine.
I downloaded and attempted to install the newer version (v2.48 / mp3tagv248setup.exe). When run, it generates an error message saying "The version of this file is not compatible with the version of Windows you're running. Check your computes system information to see whether you need an x86 (32-bit) or x64 (64-bit) version of the program, and then contact the software publisher.
The newer compiled Windows version does not install under the 64-bit version of Windows 7.