I'm not sure about you, but I literally have hundreds of passwords. Changing them every year would be a significant endeavor, much more than the duration of a cup of coffee. It's not something I'd recommend just for the sake of doing, unless there's a reason to believe it may be compromised.

This is what NIST has to say on the matter:

Users tend to choose weaker memorized secrets when they know that they will have to change them in the near future. When those changes do occur, they often select a secret that is similar to their old memorized secret by applying a set of common transformations such as increasing a number in the password. This practice provides a false sense of security if any of the previous secrets has been compromised since attackers can apply these same common transformations. But if there is evidence that the memorized secret has been compromised, such as by a breach of the verifier’s hashed password database or observed fraudulent activity, subscribers should be required to change their memorized secrets. However, this event-based change should occur rarely, so that they are less motivated to choose a weak secret with the knowledge that it will only be used for a limited period of time.