As I see it, the answer to your question must depend upon what's actually in your hanging basket.
If it's filled with annual plants (as many hanging baskets are) then they'll all finish their life cycle and die, so you'll need to replant it (using fresh compost) next year.
If the plants are perennials they could live and flower for several more years. However, since they'll have used up many of the nutrients in the compost within their first year, they might need quite a bit of feeding. (It would probably make more sense to change the fertiliser anyway, to avoid the development of fungal growths than can occur in 'stale' soil).
My guess though, is that you'll probably have annuals in a hanging basket, which means that you'll have no choice other to replant it if you want to use it again.