For the best experience, a TV that supports 4K and HDR at 60Hz (50Hz in Europe) is required, but it works with 4K Standard Dynamic Range, 4K High Dynamic Range, and 4K Dolby Vision.
The Apple TV 4K also works with a TV that has a 30Hz HDR refresh rate (25Hz in Europe) but lower refresh rates can result in choppy video, so Apple's recommendation for TVs that don't support HDR at 60Hz is to lower resolution to 1080p at 60Hz and letting the television upscale to 4K.