Torbay's first elected mayor could be paid about £50,000 a year.
The Torbay area has an annual budget of £150m
An independent committee has looked at what other elected mayors get. It found salaries for such positions ranged from £40,000 to £80,000.
The committee said Torbay's would be among the lowest in England. It also recommended allowances for Torbay's 36 existing councillors did not rise.
Fourteen people have announced they are standing for the post. The election is due to be held in October.
The resort voted in July to become the first in the South West to be led by a US-style directly-elected mayor.
The mayor is likely to be responsible for promoting significant policy changes as well as the annual budget of £150m, which the rest of the council will scrutinise.
Other elected mayors in England include those in London and Stoke-on-Trent.