Evacuation orders were in place on Friday afternoon for people living along the swollen Mersey and Meander rivers in the northwest after relentless rain battered the northern half of the state over several days.
"Although the rain has stopped, this is a dangerous period," State Emergency Service acting director Leon Smith told reporters.
"The ramifications will (be felt) for an extended period of time. We're still seeing fluctuations in the catchments."
The centre of Deloraine, which sits on the Meander River, has been badly affected with the town's football club going half underwater.
Flooding across Tasmania in mid-2016 claimed the lives of three people and caused $180 million worth of damage.
"It's substantially over the last flood," Deloraine Football Club president Don Tracey said.
"We did sandbag all the entrances at the club. We put the sandbags above the 2016 level, but the floodwaters have gone over the top, looking from a distance.
"We can't get within 300 metres of the clubrooms. That's as close as we can get."
Mr Tracey said the town's pony and tennis clubs had also been flooded.
"It's quite devastating for the community but at least there hasn't been any loss of life. Buildings and stuff, that can be replaced," he said.
"(But) it's going to take a lot of work and a lot of money to get it into shape again."
Properties at Latrobe, about 40km to the north, have also been hit but mayor Peter Freshney said things weren't as bad as six years ago.
"(It is) an anxious wait for people returning to their homes in coming days. There are some on the flood plain (that have flooded). There'll be others, I'm sure," he said.
Emergency services rescued a family of six who became stuck on their property, while a man and a woman were helped to safety after driving through floodwaters in their 4WD.
The north copped 50 to 150mm of rain during the wild weather, in places breaking October daily records that have stood for more than a century.
The Great Lake region registered 398mm in about 30 hours.
The Bureau of Meteorology says the Macquarie, Mersey, North Esk and South Esk rivers are likely to reach record peaks in some parts.
Acting Premier Michael Ferguson announced support payments would be available to people in 17 local government areas.
An emergency evacuation alert was issued on Thursday night for 42 homes south of the dam at Lake Isandula after the SES was advised it was at risk of failure.
TasWater manager Tony Willmott said the dam filled more rapidly than expected, with an inflow of 70,000 litres per second and came within half a metre of "overtopping".
The dam is now considered stable.
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