Parties likely to have same number of seats as last parliament, but premier Jeremy Rockliff declares victory after Liberals secure 3% swing from Labor.
Tasmania's premier and opposition leader have both reached out to independent MPs in the hope of forming government, after Labor lost ground in the early election it brought on.
Saturday's snap poll, 16 months after the last election, returned another hung parliament with the Liberals so far securing 14 seats and Labor nine, as counting continued.
Both parties will be short of the 18 seats required for majority, with the Liberal premier, Jeremy Rockliff, declaring victory on election night and saying he would try to form a minority government.
Rockliff on Sunday told reporters he'd reached out to potential crossbench collaborators.
"My view is that the crossbench, in the cold, hard light of day, will recognise the party - being the Liberal party - with the most number of seats are able to, of course, form a cabinet," the premier said.
"What Tasmanians clearly voted for yesterday was an end to the political games. They expect a parliament to work together and they expect the parliament to last four years."
Labor under Dean Winter suffered a 3% swing against it to the Liberals. It was Labor's worst vote in Tasmania in more than a century with the party securing 26% of the vote with three-quarters of the ballots counted.
However, Winter hasn't ruled out trying to form government if the Liberals are unable to get a left-leaning independent crossbench onside.
"I've spoken to a number of members of the crossbench and offered Labor will try and work differently and collaboratively," the opposition leader said.
"I won't go into the details of any of the conversations but we'll treat people with respect. I think that's what the crossbench is looking for and it's also what Tasmanians are looking for."
Winter reiterated on Sunday that he would not "do a deal" with the Greens. Labor would need support from the minor party, which holds five seats, to govern.
Winter said he would not compromise on Labor policy, including support for a $945m stadium which is opposed by the Greens and three crossbench independents.
One of those independents, a re-elected Kristie Johnston, said she wouldn't enter into a formal deal for confidence and supply with either major party and would provide support on merit.
"They need to negotiate and respect the views of parliament," she said.
It could take weeks for the final outcome in four remaining undecided seats, meaning a formal minority agreement might take even longer.
Rockliff would need to work with independents to govern, including two, Johnston and the re-elected Craig Garland, who voted for June's no-confidence motion against him.
The June vote, which triggered the election, lashed ballooning debt under the Liberals and a bungled Bass Strait ferry delivery.
The state Greens leader, Rosalie Woodruff, kept the door ajar for a Labor alliance, calling on Winter to "have a conversation".
A drawn-out post-election scenario would delay the parliamentary approval process for the new stadium, a condition of Tasmania's AFL licence.
The project is supported by the Liberals and Labor but opposed by the Greens, Garland, Johnston and the third elected independent Peter George.
The new parliament will be very similar to the previous one that included 14 Liberals, 10 Labor MPS, five Greens, five independents and one Jacqui Lambie Network member.