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Yes, you'll need to jack the axle, remove the wheel and raise/lower the axle to remove tension. Probably be lowering it. DON'T try turning the bolt head as there's splines holding it in one position. Back the nut mostly off and see if you can tap it out. If that doesn't work, use a flywheel puller & press it out. Shouldn't be all that difficult, but try keeping the spring/shackle/hanger parts aligned so you don't damage your bushings.
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