I also grew up in the Portland area and had a "TAG" program for the fourth and fifth grades. Due to a state law that changed the way state funds were allocated amongst districts it was discontinued prior to the sixth grade (along with the sixth grade trip). I went from being challenged to completely bored and starting getting in a lot of trouble which was something that lasted through middle school.
My oldest child is still a year away from kindergarten and from the conversations I have had with elementary school administrators it sounds like they don't really have any formal plan to handle kids that are more advanced in certain subjects. They definitely don't use the terms "talented" or "gifted" anymore. Not sure if my child would be qualified for a program like that in the future but it would be good to know that it was be available.