Your understanding is correct, BroMac.
This is a relatively new phenomenon in the USA. Kingdom Halls used to belong to the local congregation. They still do. The difference is that over the past 12-15 years or so the Watchtower has "encouraged" congregation trustees to amend their bylaws/articles of incorporation to name the Watchtower Society as the owners of the real estate and other material property should the congregation dissolve.
Who decides when a congregation dissolves? The Borg.
So who REALLY owns your Kingdom Hall?
You can see this if your state's record-keeping system has converted its records to pdf's available to the public. You can look at original articles of incorporation for your congregation (from the 1970s for example), and subsequent amendments.