1. Is summer noticeably different because the students that leave for the summer greatly reduce the number of people driving on roads and patronizing businesses?; Or
2. Does college life make up a substantial portion of events happening in the community? In other words, if you drop major football games and basketball games out of the equation, is a lot of the community's social scene tied into the colleges or universities? That would include things like the schools' fine arts programs.
A "college town" would either meet both criteria or meet one of them very strongly.
Provo was a college town when I graduated almost 25 years ago based on #1 being a strong, "yes" and no #2 also qualifying. I haven't got a great feel anymore, but my sense is Utah County has grown so much that Provo might not be a college town by my criteria anymore. Of course, UVU's rapid growth my have just switched it so ProvOrem remains a college town.
Lawrence, Kansas and Blacksburg, VA are clearly college towns. Las Vegas and Salt Lake are clearly not college towns.