Conditionally, yes — for condominiums. Since January 1, 2024, Tenn. Code Ann. § 66-27-403(g) (added by 2023 Public Chapter 205 / SB 863) requires a condominium board that oversees common elements with an aggregate replacement cost over $10,000 to obtain a professional reserve study and update it at least every five years; boards without a study performed on or after January 1, 2020 had to complete one by January 1, 2025. The mandate sits in the Tennessee Condominium Act of 2008 and does not extend to single-family HOAs.
Verified against the statute 2026-07-06
Condominium unit owners' associations governed by the Tennessee Condominium Act of 2008 (Title 66, Chapter 27, Parts 2-6 — condos created on or after January 1, 2009, plus older condos that elected into the Act) whose boards oversee common elements with an aggregate replacement cost above $10,000. § 66-27-202 does not list § 66-27-403 among the provisions extended to pre-2009 Horizontal Property Act condominiums, so its application to older condos is uncertain (many practitioners advise compliance anyway). Declarant-controlled boards, condos titled to a single owner, and husband-and-wife tenancy-by-the-entirety condos are expressly exempt, and non-condo HOAs face no statutory reserve study requirement.
Every 5 years: a study conducted on or after January 1, 2020 must be updated within 5 years of its date and at least every 5 years thereafter; boards with no post-2020 study had to complete one by January 1, 2025 and update it every 5 years (Tenn. Code Ann. § 66-27-403(g)).
No minimum funding level or formula, but § 66-27-403(g)(5) requires the board to "review the reserve funding annually for adequacy." The statutory purpose clause defines the study as identifying the amount that should be maintained "in a fully funded repair and replacement reserve to minimize the need for special assessments," leaving the actual contribution decision to the board's judgment.
The board must make a copy of the reserve study available to all common interest owners, either by electronic mail or by posting it on the community website (§ 66-27-403(g)(3)). There is no separate statutory reserve disclosure for resale buyers of units in pre-existing condominiums, and no reserve disclosure requirement for non-condo HOAs.
Boards overseeing common elements with aggregate replacement cost exceeding $10,000 must conduct/update a reserve study every 5 years, share it with owners by email or community website, and review reserve funding annually for adequacy; declarant-controlled boards, single-owner condos, and tenancy-by-the-entirety condos are exempt. Effective January 1, 2024.
A reserve study must conform to CAI Reserve Study Standards (or similar nationally recognized standards), be prepared by a CAI-credentialed reserve specialist or a licensed engineer or architect, be performed or updated within the last 5 years, and analyze remaining useful life and replacement cost of each common-element component.
Read the official enrolled text of 2023 Public Chapter 205 (SB 863) on the Tennessee Secretary of State publications server (publications.tnsosfiles.com), confirming the § 66-27-203 definition (CAI standards, credentialed specialist or licensed engineer/architect, 5-year currency), the § 66-27-403(g) mandate with its $10,000 threshold, January 1, 2020 / January 1, 2025 trigger dates, 5-year update cycle, email/community-website distribution, annual adequacy review, the three exemptions, and the January 1, 2024 effective date. § 66-27-202's applicability list (which omits § 66-27-403 for pre-2009 condominiums) was confirmed against a FindLaw reproduction of that section. Informational only — not legal advice. Confirm with the primary source and a community-association attorney licensed in Tennessee. Report an issue.
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