In Troy Conference Academy v. Town of Poultney, 115 Vt. 480, 66 A.2d 2 (1949), at issue there was whether a building used mainly as a dormitory for teachers qualifies for the lands owned exemption. The Court conducted an analysis of the property's use, examining the several uses of the building compared with the purpose of the school and the need for those specific uses to further the purposes of the school. The Court held that the building was used for educational purposes, as opposed to general commercial purposes, and would have allowed the exemption, but for the operation of a 1941 exception for colleges. Id. at 489, 66 A.2d at 8. In Troy Conference, there was no specific mention of the ownership-based language of the statute, and the Court clearly based its decision on the property's educational use.