Distributed graph signal processing algorithms require the network nodes to communicate by exchanging messages in order to achieve a common objective. These messages have a finite precision in realistic networks, which may necessitate to implement message quantization. Quantization, in turn, may generate distortion and performance penalty in the distributed processing tasks. This paper proposes a novel method for distributed graph filtering that minimizes the error due to message quantization without compromising the communication costs. It first bounds the exchanged messages and then allocates a limited bit budget in an optimized way to the different messages and network nodes. In particular, our novel quantization algorithm adapts to both the network topology and the message importance in a distributed processing task. Our results show that the proposed method is effective in minimizing the error due to quantization and that it permits to outperform baseline distributed algorithms when the bit budget is limited. They further show that errors produced in nodes with high eccentricity or in the first steps of the distributed algorithm contribute more to the global error. Also, sparse and irregular graphs require more irregular bit distribution. Our method provides one of the first quantization solutions for distributed graph processing, which is able to adapt to the target task, the graph properties and the communication constraints.