Which of the following is a value-based assessment of a special assessment bond?

A value-based assessment of a special assessment bond focuses on the benefits that bondholders receive in relation to the services or improvements funded by those bonds. Special assessment bonds are typically issued for projects that provide a direct benefit to a specific group of property owners, such as infrastructure improvements.

In this context, the benefit derived by bondholders represents the return they receive from the services or enhancements that the bond funds. This means that the value of the bond is directly tied to how much those property owners are willing to pay for the improvements and the economic benefit that these projects will bring. Thus, understanding the benefits derived helps assess the value of the bond, indicating its viability as an investment based on the anticipated returns compared to the assessments that will be levied.

The other options, while related to various aspects of bonds, do not focus specifically on the value from the perspective of how bondholders perceive their investment's worth in relation to the benefits received. The market value of the bond reflects its trading price, future income may account for interest payments, and total tax revenue focuses more on taxation rather than direct benefits to bondholders. Therefore, the key value-based assessment lies in understanding the tangible benefits that accrue to those who hold the bond.