In general, there’s a valve near the water meter and the water company can close that valve. It often has a lock for it, so if the water is being cut off for something like non-payment the homeowner can’t simply turn it back on.
In theory this could be electronic and they could remotely close it. I’m not sure how common that is. I haven’t lived in a place that does that yet but the technology isn’t particularly sophisticated so I’m sure some utilities use it.
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