diff --git a/.changelog/unreleased/bug-fixes/1083-fix-tm-voting-power-check.md b/.changelog/unreleased/bug-fixes/1083-fix-tm-voting-power-check.md
new file mode 100644
index 0000000000..5265eb2163
--- /dev/null
+++ b/.changelog/unreleased/bug-fixes/1083-fix-tm-voting-power-check.md
@@ -0,0 +1,3 @@
+- Fixed Tendermint validator set update check to
+  respect the PoS tm_votes_per_token parameter.
+  ([#1083](https://github.com/anoma/namada/pull/1083))
\ No newline at end of file
diff --git a/apps/src/lib/node/ledger/shell/finalize_block.rs b/apps/src/lib/node/ledger/shell/finalize_block.rs
index f7fb2f5a39..8455522303 100644
--- a/apps/src/lib/node/ledger/shell/finalize_block.rs
+++ b/apps/src/lib/node/ledger/shell/finalize_block.rs
@@ -414,33 +414,37 @@ where
         let pos_params = self.storage.read_pos_params();
         // TODO ABCI validator updates on block H affects the validator set
         // on block H+2, do we need to update a block earlier?
-        self.storage.validator_set_update(current_epoch, |update| {
-            let (consensus_key, power) = match update {
-                ValidatorSetUpdate::Active(ActiveValidator {
-                    consensus_key,
-                    bonded_stake,
-                }) => {
-                    let power: i64 = into_tm_voting_power(
-                        pos_params.tm_votes_per_token,
+        self.storage.validator_set_update(
+            current_epoch,
+            &pos_params,
+            |update| {
+                let (consensus_key, power) = match update {
+                    ValidatorSetUpdate::Active(ActiveValidator {
+                        consensus_key,
                         bonded_stake,
-                    );
-                    (consensus_key, power)
-                }
-                ValidatorSetUpdate::Deactivated(consensus_key) => {
-                    // Any validators that have become inactive must
-                    // have voting power set to 0 to remove them from
-                    // the active set
-                    let power = 0_i64;
-                    (consensus_key, power)
-                }
-            };
-            let pub_key = TendermintPublicKey {
-                sum: Some(key_to_tendermint(&consensus_key).unwrap()),
-            };
-            let pub_key = Some(pub_key);
-            let update = ValidatorUpdate { pub_key, power };
-            response.validator_updates.push(update);
-        });
+                    }) => {
+                        let power: i64 = into_tm_voting_power(
+                            pos_params.tm_votes_per_token,
+                            bonded_stake,
+                        );
+                        (consensus_key, power)
+                    }
+                    ValidatorSetUpdate::Deactivated(consensus_key) => {
+                        // Any validators that have become inactive must
+                        // have voting power set to 0 to remove them from
+                        // the active set
+                        let power = 0_i64;
+                        (consensus_key, power)
+                    }
+                };
+                let pub_key = TendermintPublicKey {
+                    sum: Some(key_to_tendermint(&consensus_key).unwrap()),
+                };
+                let pub_key = Some(pub_key);
+                let update = ValidatorUpdate { pub_key, power };
+                response.validator_updates.push(update);
+            },
+        );
     }
 }
 
diff --git a/proof_of_stake/src/lib.rs b/proof_of_stake/src/lib.rs
index 661533cb16..4d91b58ece 100644
--- a/proof_of_stake/src/lib.rs
+++ b/proof_of_stake/src/lib.rs
@@ -34,6 +34,7 @@ use namada_core::types::storage::Epoch;
 use namada_core::types::token;
 pub use parameters::PosParams;
 use rust_decimal::Decimal;
+use storage::into_tm_voting_power;
 use thiserror::Error;
 use types::{
     ActiveValidator, Bonds, CommissionRates, GenesisValidator, Slash,
@@ -770,6 +771,7 @@ pub trait PosBase {
     fn validator_set_update(
         &self,
         current_epoch: Epoch,
+        params: &PosParams,
         f: impl FnMut(ValidatorSetUpdate),
     ) {
         let current_epoch: Epoch = current_epoch;
@@ -805,14 +807,26 @@ pub trait PosBase {
                 if let (Some(prev_epoch), Some(prev_validators)) =
                     (previous_epoch, prev_validators)
                 {
-                    if prev_validators.active.contains(validator) {
+                    let prev_validator_stake =
+                        self.validator_stake(&validator.address, prev_epoch);
+                    let tm_vp = into_tm_voting_power(
+                        params.tm_votes_per_token,
+                        validator.bonded_stake,
+                    );
+                    if prev_validators.active.contains(validator)
+                        || tm_vp
+                            == into_tm_voting_power(
+                                params.tm_votes_per_token,
+                                prev_validator_stake,
+                            )
+                    {
                         println!(
                             "skipping validator update, still the same {}",
                             validator.address
                         );
                         return None;
                     }
-                    if validator.bonded_stake == 0 {
+                    if tm_vp == 0 {
                         // If the validator was `Pending` in the previous epoch,
                         // it means that it just was just added to validator
                         // set. We have to skip it, because it's 0.
@@ -851,10 +865,22 @@ pub trait PosBase {
                 if let (Some(prev_epoch), Some(prev_validators)) =
                     (previous_epoch, prev_validators)
                 {
-                    if prev_validators.inactive.contains(validator) {
+                    let prev_validator_stake =
+                        self.validator_stake(&validator.address, prev_epoch);
+                    let tm_vp = into_tm_voting_power(
+                        params.tm_votes_per_token,
+                        validator.bonded_stake,
+                    );
+                    if prev_validators.inactive.contains(validator)
+                        || tm_vp
+                            == into_tm_voting_power(
+                                params.tm_votes_per_token,
+                                prev_validator_stake,
+                            )
+                    {
                         return None;
                     }
-                    if validator.bonded_stake == 0 {
+                    if tm_vp == 0 {
                         // If the validator was `Pending` in the previous epoch,
                         // it means that it just was just added to validator
                         // set. We have to skip it, because it's 0.
@@ -937,6 +963,25 @@ pub trait PosBase {
         );
         Ok(())
     }
+
+    /// Get the total stake of a validator at the given epoch or current when
+    /// `None`. The total stake is a sum of validator's self-bonds and
+    /// delegations to their address.
+    fn validator_stake(
+        &self,
+        validator: &Address,
+        epoch: Epoch,
+    ) -> token::Amount {
+        let deltas = self.read_validator_deltas(validator);
+        let total_stake = deltas.and_then(|deltas| deltas.get(epoch)).and_then(
+            |total_stake| {
+                let sum: i128 = total_stake;
+                let sum: u64 = sum.try_into().ok()?;
+                Some(sum.into())
+            },
+        );
+        total_stake.unwrap_or_default()
+    }
 }
 
 #[allow(missing_docs)]
diff --git a/wasm/checksums.json b/wasm/checksums.json
index 0e29ab48e3..61c31b2a26 100644
--- a/wasm/checksums.json
+++ b/wasm/checksums.json
@@ -1,13 +1,13 @@
 {
-    "tx_bond.wasm": "tx_bond.50cc7754f07b0553d22d2f259b7be0d0dfa83cac21f349b9a5ef0c7f62a4c8e3.wasm",
-    "tx_change_validator_commission.wasm": "tx_change_validator_commission.29944a5b1a31077c0d5e486c30338f9a46ff71daa91fc3619b8425c0a0592203.wasm",
+    "tx_bond.wasm": "tx_bond.986d39ef1b4f3a544fe21ca022487fa2d32acc21a711a36ce43a2983b12289d1.wasm",
+    "tx_change_validator_commission.wasm": "tx_change_validator_commission.da32ad4e242a2ca246e941f80280e60b6fa6f216b5f6eba55f418713b4f99938.wasm",
     "tx_ibc.wasm": "tx_ibc.4d8d041cea7a9fd165ad082ba24dcb1afc8591a0fafdf36b6729a2cf8389d001.wasm",
     "tx_init_account.wasm": "tx_init_account.604050807200b80fb6cccaf49e62cd43ab48a6fcc03fdec5c8148e8d01067117.wasm",
     "tx_init_proposal.wasm": "tx_init_proposal.f84c91b5306664c054f2924869f407d42cc39e7a268e9d418a631e89dd7acbf4.wasm",
     "tx_init_validator.wasm": "tx_init_validator.c03ffe483d285866f596fc38a6fc5df59dc1ce0a45d3b6fde9fd597552284a0b.wasm",
     "tx_reveal_pk.wasm": "tx_reveal_pk.4e0f779ed1600e7208620233cb64b93fc56afb81122dd3f9bd5cf76dc3beff94.wasm",
     "tx_transfer.wasm": "tx_transfer.8c4fccac307878e20df2b4e18f418eea2bd7b0c0cb70d4e97fdc861d3deb2b76.wasm",
-    "tx_unbond.wasm": "tx_unbond.879f36b2fe0f56f5f8599a02a4716ee296037abfe2c384bee55809976918feca.wasm",
+    "tx_unbond.wasm": "tx_unbond.1278c4e775e06194d87cde63f945b81683c53d258f3d32281aef07d2f7546668.wasm",
     "tx_update_vp.wasm": "tx_update_vp.db4d8c11658c5f8e99fc39f0112be1ee480ab1f0045010d323ee3081a7afe802.wasm",
     "tx_vote_proposal.wasm": "tx_vote_proposal.16fb6a28f46a2d3d6013f4b7b20d8fe556cdd11b38f9bf064b085b266e0b54cc.wasm",
     "tx_withdraw.wasm": "tx_withdraw.90cb4a92c2ffaf93dbb6825667aec8a4cb571f0f2c9dd4e0592590a289416011.wasm",