Town quest are a important thing for one good reason they are so far the only way to get

Ring - necklace - charm

those item can give you a signifiant edge on your stats compared to someone who is just fighting and dosent got those 4 items(2 rings)

what we know from quests  : Each City has a town quest 1 - 6 quests depending on the level of the city and quest require resources t1-t5 from different trade skills.

exemple of quest  : gather 130 t1 logs so know you need to go logging on a tile with the highest % chance of getting a t1 log .

the % of different tiers are revealed as the tile's activity levels increase (or have someone ) scout the specific tiles you want to log on .

Quest Reward:

we know you can have ring -charm-necklage- gold -nothing

for the %

its suppose to be 10% chance of getting nothing for the rest we dont know if you get nothing that often and you should be ready to turn 10-15 quest before you got a item that you want.

10% chance to get nothing

10% chance to get a jewelry (ring/necklace/charm)

40% chance to get gold

40% chance to get a random item.