It depends on chemical and application. Let say:
-high purity analytical solvents accumulate impurities from air, glass, caps and accidental contamination;
-ketones and some other absorb oxygen from air and accumulate peroxides
-salts adsorb CO2 and H2O
-all unsaturated and some saturated organic compound polymerizes
This is less important (with exception of peroxides, which can explode one day) if you work with non-analytical reagents.
Also, "expiration" not always means "dispose". In many occasions you test the chemical and verify (in writing) that it satisfies you need, and then you extend expiration date for the next term.