Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The 4% figure arises from a scheme that was included for the benefit of home owners who did not have the cash flow to pay property tax. They could defer it. A typical example might be that the main wage earner in a house is deceased and somebody has a large and valuable house without a very significant income stream. This allows people to defer the property tax and it accumulates as a charge on the property. The intention would be that this would be settled when the person who got the deferral either decided to settle or, alternatively, on the sale of the property by one's heirs. In comparison with the value of such properties, the 4% figure is a small enough imposition.