"Its" and "it's" are different words.

"It's" is in fact not a word in itself by a contraction of two words. You are in fact saying the equivalent of: "its" and "it is" are different words. This, of course, does not make sense in the fact that you compare a phrase to a word. Similarly, one might say: "it's" and "it's" mean the same thing. This, of course, also does not make sense. You have to be mindful that "it's" can refer to "it has" or "it is."

Contractions are words, boss.

"Based on the latest definitions, contraction is shortening of a word, syllable, or word group by omission of internal letters. [ISO 4:1984]" (Wikipedia, Contraction (grammar))

I never said contractions weren't words -- I simply pointed out that this particular contraction is the contraction of a "word group," and that the real meaning of the word group is what one should look at in determining the validity of the claim.

It would appear that with the current logic employed, one would be able to absolutely claim: "it's" and "it's" are the same words. This, of course, is refuted by noting that "it's" could mean "it is" or "it has." How then can one claim that "it's" and "its" are different words when one blatantly ignores (or perhaps worse, presumes thereof the) meaning of the contraction-word?

You are correct in saying that "it's" is indeed a word. But do you mean that "it's", which I assume refers to "it is", as a word phrase/group, does not mean the same thing as "its" as a possessive? If you mean the latter, then the claim is obviously sound, but you worded the claim in such a way that was in fact ambiguous.

"Its" is neither "it" nor "is" nor "has" nor any combination thereof. The claim still holds. If the claim has no logic value, don't vote.

This is not that hard-
its = possessive form of it
it's - "it is" OR "it has" depending the tense of the word.

If I can write its when I mean it's, and you understand what I mean, then the words are the same for that use.

If I can write it's when I mean its, and you understand what I mean, then the words are the same for that use.

That means they are symmetric synonyms for a (not necessarily singular) use case set.

If you wouldn't know what I meant, you are very strange for asking this question.

If you feel symmetric synonymity isn't in conflict with words being different, I'd like you to argue that wind and wind are not different words. Or I'll assert that every instance of every word is absolutely different from every other usage, instance, concept, occurance, &c.

You could ask me to pass you the pen when it's a pencil you're pointing to and I'd know what you meant, but if you consider them to be the same word, that's your prerogative.

Let's not be too picky here. The wording of many claims could be more precise, but the intent still comes through just fine. To that extent, whether "its" and "it's" are words or not is irrelevant, since we are all fully aware that we're discussing a confusion which is all too prevalent.

no way

AskOxford.com defines a contraction as "a word or group of words resulting from contracting an original form."

Therefore, I shall consider contractions to be words, just as they do. Therefore "it's" is in fact a word.