diff --git a/lib/plugins/aws/package/compile/functions/index.js b/lib/plugins/aws/package/compile/functions/index.js
index fd007a279de..57bdec54204 100644
--- a/lib/plugins/aws/package/compile/functions/index.js
+++ b/lib/plugins/aws/package/compile/functions/index.js
@@ -395,7 +395,13 @@ class AwsCompileFunctions {
             });
         }).then(() => {
           // Include function configuration in version id hash (without the Code part)
-          const properties = _.omit(_.get(functionResource, 'Properties', {}), 'Code');
+          const properties = _.omit(
+            _.get(functionResource, 'Properties', {}),
+            'Code',
+            // Properties applied to function globally (not specific to version or alias)
+            'ReservedConcurrentExecutions',
+            'Tags'
+          );
           _.forOwn(properties, value => {
             if (_.isObject(value)) {
               versionHash.write(JSON.stringify(value));
diff --git a/lib/plugins/aws/package/compile/functions/index.test.js b/lib/plugins/aws/package/compile/functions/index.test.js
index e831f0600ac..91e26f1c82e 100644
--- a/lib/plugins/aws/package/compile/functions/index.test.js
+++ b/lib/plugins/aws/package/compile/functions/index.test.js
@@ -10,6 +10,7 @@ const AwsProvider = require('../../../provider/awsProvider');
 const AwsCompileFunctions = require('./index');
 const Serverless = require('../../../../../Serverless');
 const runServerless = require('../../../../../../test/utils/run-serverless');
+const fixtures = require('../../../../../../test/fixtures');
 
 const { getTmpDirPath, createTmpFile } = require('../../../../../../test/utils/fs');
 
@@ -2650,4 +2651,38 @@ describe('AwsCompileFunctions #2', () => {
       });
     });
   });
+
+  describe('function config', () => {
+    it('should not create a new version object if only function-wide configuration changed', async () => {
+      const { servicePath, updateConfig } = await fixtures.setup('function');
+
+      const { cfTemplate: originalTemplate } = await runServerless({
+        cwd: servicePath,
+        cliArgs: ['package'],
+      });
+      const originalVersionArn = originalTemplate.Outputs.FooLambdaFunctionQualifiedArn.Value.Ref;
+
+      await updateConfig({
+        functions: {
+          foo: {
+            tags: {
+              foo: 'bar',
+            },
+            reservedConcurrency: 1,
+          },
+        },
+      });
+      const { cfTemplate: updatedTemplate } = await runServerless({
+        cwd: servicePath,
+        cliArgs: ['package'],
+      });
+      const updatedVersionArn = updatedTemplate.Outputs.FooLambdaFunctionQualifiedArn.Value.Ref;
+
+      expect(
+        updatedTemplate.Resources.FooLambdaFunction.Properties.ReservedConcurrentExecutions
+      ).to.equal(1);
+
+      expect(originalVersionArn).to.equal(updatedVersionArn);
+    });
+  });
 });