Schitt’s Creek characters oh Schitt it’s Christmas shirt
Yes, although this varies by country, state, province or definition. It may be a purely nominal or titular idea – you get a deed saying you own the town, but the town charter prevents you from doing anything with Schitt’s Creek characters oh Schitt it’s Christmas shirt– or it may be something with more clout, down to owning the land the town is built on and every building on it. In the case of Schitt’s Creek, I think the assumption was that the benefit of owning the town was purely titular, but then they almost got someone else to buy it, suggesting there is some value.
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One possibility is that they own the land the centre of town is built on and are owned ground rents by the people who have built on that Schitt’s Creek characters oh Schitt it’s Christmas shirt , but the ground rent pay-out dates are outside the scope of the series (like once every 10 or 20 years). This may explain how the Roses can afford to live at the hotel (their rent is deducted from the ground rents Stevie will have to pay to them at some point) and also how Rose Apothecary survives despite high prices in a relatively low-income town (because David’s rent to the building owner is deducted from the ground rent the owner would have to pay back to him later on).