I agree that $500/year for dues would be overkill. To my knowledge, no one has suggested this.
However, I do think a $500 initiation fee is more than fair for the value provided, which is the bare minimum needed to get started.
The Scottish Rite Cap is required for all stated meetings and reunions (although I have never seen anyone turned away who forgot theirs). Some form of ring that contains at least a small amount of actual yellow gold must be given to all who complete the 14[SUP]th[/SUP] Degree, per the Supreme Council. I cannot see how any new 32[SUP]nd[/SUP] Degree Mason could even begin to understand what they have just seen in the degrees without the books. A Bridge to Light is a companion to Morals and Dogma, it does not replace it.
Anything less would be cheating the candidates of the experience they have been promised. I also think that it is a good idea to require an upfront commitment so they have some skin in the game. The Valley is investing in them as much as they are investing in themselves and the SR. No one is served by running a large group through the degrees only to have half go NPD after the first year because they don’t see any value. We need active and engaged members, not just dues-payers.
I do think there are some things that could be done to mitigate the sticker shock, though. We could institute a short-term installment plan. Also, since the Valley is moving towards a reunion schedule where the 4[SUP]th[/SUP]-14[SUP]th[/SUP], 15[SUP]th[/SUP]-18[SUP]th[/SUP], 19[SUP]th[/SUP]-30[SUP]th[/SUP] and 31[SUP]st[/SUP]-32[SUP]nd[/SUP] degrees are produced in separate sessions throughout the year, partial payments could be collected in advance of each grouping.
Furthermore, it would be wise to look into an optional, free information session once or twice a year where prospective candidates can be informed of what to expect and given the opportunity to ask questions prior to signing their petitions. We have some excellent instructors.
Incidentally, something purchased for $300 in 1995 would cost $459.83 in 2013 after adjusting for inflation.
http://www.usinflationcalculator.com/