Polling shows Greens leader Nick McKim will be calling the shots after the election in a precarious minority government or a three-way power-sharing arrangement.
The major parties are highly unlikely to go for the latter, though Mr McKim says it will be a reflection of the people's will if neither Labor nor the Liberals can win a majority.
"If the voters choose to elect a power-sharing parliament we will seek to negotiate with both of the other parties in order to arrive at a negotiated arrangement," Mr McKim told reporters in
Hobart.
"We think that gives the best chance of government stability."
If either of those potential scenarios fail, Tasmanians will return to the polls again soon in search of a majority government.
Premier David Bartlett on Friday formally announced the election date, starting a five-week campaign.
Labor has been in government for 12 years and is seeking a fourth consecutive term despite being dogged by scandals, bungles, disgraces and persistent claims of corruption.
The outstanding election issue is Labor's record in government.
But Mr Bartlett wants voters to look forward to the opportunities his new team has created, not backwards to the old Labor regime he took over from 20 months ago.
"If we change direction now, we face the very real risk of losing momentum," he told reporters in Hobart.
"And that is the crucial decision that voters must take on March 20."
Labor holds 14 of the parliament's 25 seats, the Liberals seven and the Greens four, under the Hare-Clark system of proportional representation in which five electorates each return five members.
Thirteen seats thus make a majority and, according a November poll, Labor will be reduced to 11 or 10, Liberals to 11 or 10 and the Greens will keep their four, casting them as kingmakers.
Liberal Leader Will Hodgman is hoping to ride a rising wave of anti-Labor sentiment to a 13-seat majority - which would require a landslide of support for his party.
"Tasmanians have a clear choice. If you want real change, vote Liberal," he said.
"If you want more of the same, vote Labor or Green because the fact of the matter is if you vote Green you will not change the government.
"The only way to get rid of David Bartlett and the Labor government, the only way to get real change that Tasmania needs, is to vote for majority Liberal government."
Mr Hodgman and Mr Bartlett have both ruled out doing any power sharing or coalition deals with the Greens, but that could change after the election.
Friday's official start to Tasmania's election campaign marks the beginning of an big year for voters in Australia.
South Australia goes to the polls on the same day as Tasmania, Victoria follows in November, and Prime Minister Kevin Rudd is expected to call a federal election sometime this year.
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