Many D.C. residents can expect to see more money in their pockets soon.

Following a climb in tax revenues, D.C. Council announced Monday that residents who make less than $500,000 per year can expect to see a drop of as much as 34 percent in their income taxes. Residents who make more can expect to see a hike in the taxes they owe.

"The good news for working men and women is that we are continuing to reduce the income tax program for them," D.C. Council Chairman Phil Mendelson said.

Workers who earn between $25,000 and $50,000 will owe 34 percent less in taxes. People in the $50,000 to $75,000 bracket will owe 17 percent less. And people who earn $75,000 to $100,000 will owe 15 percent less.

Workers who earn $500,000 to $1 million annually will pay 1 percent more, and those making more than $1 million will pay 5 percent more.

CLICK HERE TO SEE THE TAX REFORM BREAKDOWN

D.C. is often thought of as a pricey place to live, tax-wise, Mendelson said.

"The District unfortunately continues to have this reputation which dates back a couple of decades that we are the highest taxed jurisdiction," he said. "In fact, that's not true."

The tax breaks go into effect right away.