Police have charged a 23-year-old man with murder in relation to Tuesday's fatal shooting at Bridgewater in the state's South.
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Tasmania Police said it was believed the two men were known to each other.
The 23-year-old man has been remanded in custody and will appear in the Hobart Magistrates Court at 10am on Thursday.
Tasmania Police said another man who was also taken into custody following the incident had been charged with unrelated firearm offences.
A woman who was in custody has been released without charge.
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