The Austin Chamber of Commerce announced support Monday for Round Rock ISD's upcoming $572.09 million bond election that proposes to raise RRISD's tax rate to pay for new schools, expanded classrooms and a host of other projects across the district.

"With four out of every 10 Round Rock ISD taxpayers living with the city of Austin, we believe this is an important vote for our community," said Shaun Cranston, vice chairman of education on the chamber's board of directors, in a news release Monday. "Round Rock ISD has experienced significant student population growth and is expected to exceed 52,000 students by 2027."

According to the chamber, its board of directors voted unanimously March 23 to support passage of RRISD's bond package.

The Round Rock Chamber announced its support of the bond earlier in March.

RRISD's bond election will include three ballot propositions. The election is scheduled May 6. Early voting is set to run April 24-May 2.

Proposition 1, totaling $381.66 million, is the largest of the three ballot measures and emphasizes growth, renewal and safety, according to RRISD. It also contains one of bond package's marquee items: a new high school on Pearson Ranch Road in Austin that is expected to cost $150 million to build.

The bond proposal would allow RRISD's board of trustees to increase the district's debt service tax rate from $0.2925 to $0.3026 per $100 of property valuation. For an average RRISD home value of $290,000, the increase would cause a taxpayer's monthly bill to rise by $2.23 per month or $26.76 per year, according to the district.

Voters last approved a bond in RRISD in 2014. The $299 million bond provided funding for improvements at McNeil and Westwood high schools, new auditoriums at Cedar Ridge and Stony Point high schools, the new Joe Lee Johnson Elementary School, a new middle school, new buses and maintenance at several schools.