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Some stainless is magnetic. My stainless steel faucets are, indeed, magnetic, so a magnet sticks to them. Also, the chrome-plated faucet usually starts to chip, exposing the brass (makes the beer taste metallic as well).
^^^^Dude, don't wreck your faucets. Once you start grinding, you'll never be able to effectively keep them clean and sanitary. But here's the real question: why do you want to know? If you don't see any exposed brass or chipped chrome on the beer-contacting surfaces of a faucet, no worries. If you do, that's a good time to replace it with a stainless one.