Depends on the paint you use, there is cheaper, seasonal paints, that must be applied every year and will build up on the hull over time, they do not wear off. There are also ablative paints that should be applied in multiple coats, and then will wear with boat use and keep slime and barnacles off. If you use ablative paint, no need to reapply unless it is wearing off, with seasonal paints, if you do not repaint, you have no protection at all. If you use seasonal paint, you need to soad blast and restart from a fresh surface to switch over, otherwise you will never get the full effectivness of the abalative paint and it may not even cure to it.
My predicament right now with my ablative paint)Micron w/ Biolux) is that I am down to my last coat of blue, I have a coat of red and yellow as back up protection and warning colors(1 of each, they are my base bottom coats), and a few spots show through, I am not sure if I should just paint a few coats on now since the bottom is smooth, do touch up of where I can see through and wear more off so I have a thin layer and my base coats below and repaint a few coats in the fall, or should I touch up now and soda blast and start from scratch in the fall. If you use your boat a lot and it is a long term investment and stays in the water for the season, ablative paint is the way to go, it may cost more initially, but it is less maintenance, and from my experience, has been a better quality paint that has offered more overall protection to my bottom.