The Liberals will double the threshold at which land tax becomes payable to $50,000 if re-elected.
Premier Peter Gutwein has announced the top threshold for taxation will also increase from $350,000 to $400,000.
He said the new thresholds would benefit about 70,000 landowners by up to $613 a year.
IN OTHER NEWS:
Mr Gutwein said 4100 additional landowners would now not have to pay land tax at all in the year ahead.
He said the penalty rate of interest would be halved from 8 per cent to 4 per cent.
Mr Gutwein said land tax bills of more than $500 could be paid in three instalments over the year.
He said the government would task Treasury to consider and provide advice on capping significant land tax increases within 60 days of it being re-elected.
"With our economy strong, we expect the next round of land valuations will include significant uplift in property valuations as a result of the very strong growth in our property market," Mr Gutwein said.
He said the government would introduce a foreign investor land tax surcharge on residential properties
"The surcharge will ensure foreign investors are paying their fair share when owning residential properties in Tasmania and contributing more to the essential services and infrastructure our growing state needs," Mr Gutwein said.
"We estimate the surcharge will raise around $1.5 million per year, allowing us to reinvest the benefits straight back into the community and ease cost of living pressures for Tasmanians by offsetting significant land tax bill increases."
The surcharge will be set at 2 per cent.