Final answer:
Illinois residential real estate, excluding Cook County, is assessed at 33.33% of its fair market value for property taxation.
Step-by-step explanation:
Residential real estate in Illinois, except for Cook County, is assessed for property tax purposes at 33.33% of its fair market value. The importance of property taxes is linked to how local governments fund their services. When a property is assessed, its market value is determined, and a percentage of that value is used to calculate the property tax owed. In Cook County, a different assessment level may be applied, but for the rest of Illinois, the standard assessment level is at a third of the fair market value.