The year of jubilee” says that every seventh year (every 49 years) all property will return to the original owner. This proclamation of a fiftieth "liberty" year occurs on one of God's annual feast days known as the Day of Atonement (the holiest day of the year). Because God owns everything, he set up a special, regularly occurring time period where His will is that a man's possessions are returned to him. (Leviticus 25:8-10). The designating of every 50th year as a Jubilee is not just for allowing the land to rest. It is a reminder, just like the weekly seventh-day Bible Sabbath, that God has created everything. It is also a reminder that humans are not the only owners of the land and are not, according to God, to hold onto property forever. We truly do not own anything as some kind of right. Because we are thankful (Psalm 107:1) to God for liberating us, we should also liberate others from debt to us. Also the year of jubilee was intended to be the year of setting up free captives (Isaiah 61:1-11, Luke 4:18) to finish the transgression, to put an end to sin.The Year of Jubilee functionally brings about a forgiving of all debts, even debts in default. If you have lost your property to a loan, it returns to your family sometime within the next 49 years, guaranteed by God’s own law.God forgives us our own debts because He understands our economic condition, as it were: He knows that we cannot possibly repay all the wrongs that we have ever done to one another, nor repay all the wrongs that we have ever done to Him. We simply don’t have that kind of spiritual wealth. The object of the year of Jubilee was liberty and to break all oppression. The Jubilee was a type or forerunner of what it would be under the reign of King Messiah. The Jubilee was to set the stage for the coming of King Messiah as His reign would be one continual Jubilee. All oppression would end under His rule, justice and truth would reign, all financial bondages would end and there would be peace and an abundance of crops. There would be real liberty under the rule of the Messiah. (Isaiah 2:3).
Why is the Jubilee year important?
The year of jubilee is important because it offers a warning to the modern-day children of Israel (Amos 3:7, Daniel 12:4, John 7:17) not to commit the same mistakes as their ancestors in the Bible.
It is the year of freedom.For instance in the bible, at the year of Jubilee all Israelites who had sold themselves into slavery were set free, and all land that had been sold reverted to its original owners.This meant that no Israelite could ever be in permanent slavery, nor could any Israelite permanently lose his inheritance. It was also a year of agricultural rest as there would be no farming during this year. God promised to abundantly bless the crops and orchards, and the people were to rest from their labor. It was a year to focus on God and not farming, money and social problems.