Which of the following taxes applies only to properties that will benefit from public improvements?

The correct answer is special assessment tax. This type of tax is specifically levied by local governments on property owners who stand to benefit from public improvements, such as new streets, sidewalks, or public utilities. When these enhancements are made in a particular area, the local jurisdiction can impose a special assessment tax on the properties that gain value or usability as a direct result of these improvements. This tax is often calculated based on the benefit that each property receives from the improvements, making it a targeted financial responsibility for those who most directly benefit.

In contrast, ad valorem tax is a general property tax based on the assessed value of the property and is not specifically tied to benefits from public improvements. Income tax pertains to earnings and does not relate to property ownership or its benefits from public investment. Property transfer tax is a tax imposed when property changes hands and is not connected to the improvements made to the property or surrounding area. Therefore, the special assessment tax stands out as the only tax that directly correlates with enhancements that will benefit specific properties.