I have two layers, containing polygons (lots) and points (meters). I want to identify the closest polygon to the point, and then copy specific attributes from the polygon to the points.
Is this possible in one step using ArcGIS Desktop?
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Yes use Spatial Join:
Joins attributes from one feature to another based on the spatial relationship. The target features and the joined attributes from the join features are written to the output feature class
The feature in the join features that is closest to a target feature is matched. See the usage tip for more information. Specify a distance in the search_radius parameter