let's say a user has 300 reputation points (allows you to create new tags) and then he starts a bounty which costs him 50 points, Will he lose the ability to create the new tags or once certain reputation is achieved the privileges are saved?

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Yes, you will lose privileges.

See https://serverfault.com/help/bounty

If your new reputation brings you below the requirement for any privileges, you will lose access to those privileges.

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