Typical tagging systems merely capture that part of the tagging interactions that enrich the semantics of tag assignments according to the system's purposes. The common practice is to build tag-based resource or user profiles on the basis of statistics about tags, disregarding the additional evidence that pertain to the resource, the user or the tag assignment itself. Thus, the main bulk of this valuable information is ignored when generating user or resource profiles. In this work, we formalize the notion of tag-based and context-based resource profiles and introduce a generic strategy for building such profiles by incorporating available context information from all parts involved in a tag assignment. Our method takes into account not only the contextual information attached to the tag, the user and the resource, but also the metadata attached to the tag assignment itself. We demonstrate and evaluate our approach on two different social tagging systems and analyze the impact of several context-based resource modeling strategies within the scope of tag recommendations. The outcomes of our study suggest a significant improvement over other methods typically employed for this task.