My initial sentiment is the exact opposite. Career politicians will do it for free or very cheap as a stepping stone and/or for power, whereas there are good people who won't be able to afford to do it for below what they'd get paid if they were using the time for employment instead.
You have to think this through. If you give the position a significant salary, you will get more people applying to the selection process because it's an alternative to a job. Thus the selection process will become more stringent and competitive. The kind of diversity we need in local government won't stand a chance.
You'll start to get MP-style selection questions for councillor positions, and this is where things fall down. An ex-taxi driver or former NHS district nurse will not be able to compete with someone who has worked in some form of government, charity, quango or business where they have taken decisions that have affected policy applied to a large range of people, for example.
Again, if the positions come with a significant salary, you'll start to get serious money thrown at campaigns and PR. Yes, there is a limit to spend during the campaign period, but not before. Such a situation would make it impossible for someone to stand as an independent who may be funding their own campaign, and will also be detrimental to parties with less money in the coffers.
I admit my views are coloured by experience. Where decent money is involved in local politics, because there are chairs up for grabs, cabinet positions, mayor or deputy mayor roles, you really attract the wrong sort of people, a lot of playing politics and silly beggars, and very nepotistic decisions made that aren't the best for the community. It also encourages people to import Westminster-style attitudes and perspectives into local government where really you need to be able to work cross-party on a regular basis.
Where people are in local politics because they are civic-minded and want to improve their communities and services, you get excellent representation.