I'm purchasing a home for a lot less money than it appraised at, can I have my property taxes reduced?

Absolutely, and you won't be the only one in line! Once you close go to the tax assessor and appeal your taxes. Hunterdon County assessed properties at the height of the market and the township is aware that homes may sell for less. I have had clients successfully appeal in the last few months and always advise my clients to try. Best of luck.