>>Hi everybody,
>>
>>Just curious how many of you know when to use its and when it's? I see a wrong usage in native speakers' texts quite often...
>>
>>Thanks.
>
>doesn't it's = it is and its = belongs to it?

Correct! I - you - he - she - it - we - they = pronouns, my - your - his - her - its - our - their = the adjectives.
Mine - yours - his - hers - its - ours - theirs = possessive pronouns (e.g "that is not yours - it's its")

Interesting that a non-native speaker can get it right when so many natives don't :-)

The exception is the "general" pronound "one"

"One can't keep one's mouth shut"

It's can also mean "it has"