Unfortunately, Apple hasn't provided us with any simiple method to check the AirTag's battery level other than when it is about to be fully depleted.
That leave you with a couple of options:
- If the AirTag is older than 8 months old, you may want to consider replacing it. Apple claims that the typical battery life, under normal use, is approx. 1 year.
- Temporarily remove the battery, and then, use a voltmeter / battery tester to check the current battery voltage. However, this doesn't really tell you when the battery will become depleted. Here lithium batteries tend to maintain a steady voltage until the end of life, so it could still be a good indicator of battery health.