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Yovel is not practiced nowadays, because it applies only when most of the Jewish People live in the Land of Israel, each in their designated tribal territories (Rambam, Hil. Shemittah Veyovel 10:8). When it is in effect, there is a halachic dispute as to whether it breaks up the cycles of shemittah years (i.e., you have 7 shemittah cycles totaling 49 years, ...


It's actually not so much because of practicality, but because the prerequisites for Yovel are that all Jews are living in the land of Israel, and each tribe in their designated territory. (So even if all of the land were under Jewish control, there's still the fact that almost no one knows what tribe they're from. See the discussion in the comments here.) ...

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