tag1-1-gb772e8b
^    ^  ^ 
|    |  |
|    |  git hash of the commit  
|    |
|   number of commits after the tag 
|
|
Most recent tag
This is all in reference to the commit you are giving to git describe.
In your case it is HEAD~1, so 
- HEAD~1 has commit hash b772e8b
 
- HEAD~1 is 1 commit after the most recent tag
 
- the most recent tag older than HEAD~1 is tag1
 
See the documentation for more in-depth information, the output depends on
whether there are any tags, and what state the repository is in and arguments you provide to git describe
There's also a g in the hash,gb772e8b. The docs describe it as
The "g" prefix stands for "git" and is used to allow describing the
  version of a software depending on the SCM the software is managed
  with.