Earlier quoted context omitted.
They're not the creator, Verisign created it. And I don't know about Google's specific agreement (they may have paid decades in advance for all we know) but in general if a company forgets to pay they lose their name, there were a few high profile cases like that already. That isn't ownership, that's rent.
Sure but don't pay your property tax and let me know what happens there.
That "some" might not be the property you failed to pay the tax on (eg it could be your car whereas you failed to pay property taxes on your house). There are usually protections on the property you inhabit, but otherwise they should look to seize whatever is smallest but big enough to cover the amount due.
With domains, you lose the domain that you failed to pay fees on, and no other property will be seized to pay it off.
The difference is in requiring a court system and in what way you are liable (any of your holdings can cover it).