Annexation - As introduced, allows voters residing within an area annexed by a municipality to petition the county election commission to hold an election to deannex such territory; specifies the taxes that may continue to be levied on a deannexed area; prohibits the extension or continuation of utility services outside municipal boundaries to obtain consent to annexation. - Amends TCA Title 6, Chapter 51 and Title 54, Chapter 4, Part 2.