Were I but King of Anglophonia

It's Not It's. It's Its.

There are two distinct words to be considered, here. Only one of them contains an apostrophe.

• It's is a contraction (a combining form) of the two words it is. It's not a complex rule, folks.

• Its is the possessive adjective form. It's the same as his or her or your or our or their.

Examples: his hat, her skirt, its price, our house, their car, your opinion

Note that there are no apostrophes in any of the possessive adjectives.

Examples:

When he examined the painting, he decided that he liked its colors and design, but not its price. "It's lovely but too expensive," he said to the artist. "It's too bad," replied the artist, "that its price is beyond your means."