diff --git a/Directory.Build.props b/Directory.Build.props
index 352a57fb..0c828c26 100644
--- a/Directory.Build.props
+++ b/Directory.Build.props
@@ -12,9 +12,9 @@
     <RootDir>$(MSBuildThisFileDirectory)</RootDir>
 
     <!-- Defaults-->
-    <Major Condition="$(Major) == ''">1</Major>
-    <Minor Condition="$(Minor) == ''">0</Minor>
-    <Build_BuildNumber Condition="'$(Build_BuildNumber)' == ''">0.0</Build_BuildNumber>
+    <Major Condition="$(Major) == ''">99</Major>
+    <Minor Condition="$(Minor) == ''">99</Minor>
+    <Build_BuildNumber Condition="'$(Build_BuildNumber)' == ''">99.99</Build_BuildNumber>
     <StableRelease Condition="$(StableRelease) == ''">false</StableRelease>
 
     <!-- AssemblyVersion should not change for non-major releases. -->
@@ -30,6 +30,7 @@
     <Version>$(VersionPrefix)</Version>
     <FileVersion>$(VersionPrefix)</FileVersion>
     <InformationalVersion>$(VersionPrefix)</InformationalVersion>
+
     <NuspecProperties>version=$(PackageVersion)</NuspecProperties>
     <ToolsServiceTargetRuntimes>win-x64;win-x86;win-arm64;ubuntu.14.04-x64;ubuntu.16.04-x64;centos.7-x64;rhel.7.2-x64;debian.8-x64;fedora.23-x64;opensuse.13.2-x64;osx.10.11-x64;osx-x64;osx-arm64;linux-x64;linux-arm64</ToolsServiceTargetRuntimes>
     <EnforceCodeStyleInBuild>true</EnforceCodeStyleInBuild>
diff --git a/azure-pipelines/build-and-release.yml b/azure-pipelines/build-and-release.yml
index 0fbd06d6..3dc9d8e7 100644
--- a/azure-pipelines/build-and-release.yml
+++ b/azure-pipelines/build-and-release.yml
@@ -8,16 +8,20 @@ stages:
     value: 'Release'
     # Major version number for the release
   - name: Major
+    value: '4'
+  - name: ManagedBatchParserMajor
     value: '3'
     # Minor version number for the release (should be incremented post a stable release)
   - name: Minor
+    value: '7'
+  - name: ManagedBatchParserMinor
     value: '0'
     # Set to true to build a stable release.
   - name: StableRelease
     value: 'false'
   jobs:
   - job: Build
-    pool: 
+    pool:
       name: 'ads-build-1es-hosted-pool'
       demands:
       - ImageOverride -equals ADS-Windows_Image
@@ -42,7 +46,7 @@ stages:
   dependsOn:
   - Build
   condition: and(succeeded(), eq(variables['RELEASE'], 'true'))
-  pool: 
+  pool:
     name: 'ads-build-1es-hosted-pool'
     demands:
     - ImageOverride -equals ADS-Linux_Image
diff --git a/azure-pipelines/release.yml b/azure-pipelines/release.yml
index a5fa0a7f..b6923e06 100644
--- a/azure-pipelines/release.yml
+++ b/azure-pipelines/release.yml
@@ -35,7 +35,7 @@ steps:
   displayName: 'Run Automated Release Script'
   inputs:
     filePath: '$(System.DefaultWorkingDirectory)/CrossPlatBuildScripts/AutomatedReleases/sqltoolsserviceRelease.ps1'
-    arguments: '-workspace $(Build.SourcesDirectory) -minTag 4.7.0.0 -target $(Build.SourceBranch) -isPrerelease $false -artifactsBuildId $(Build.BuildId)'
+    arguments: '-workspace $(Build.SourcesDirectory) -minTag $(Major).$(Minor).0.0 -target $(Build.SourceBranch) -isPrerelease $false -artifactsBuildId $(Build.BuildId)'
     workingDirectory: '$(Build.SourcesDirectory)'
   env:
     GITHUB_DISTRO_MIXIN_PASSWORD: $(github-distro-mixin-password)
diff --git a/src/Microsoft.SqlTools.ManagedBatchParser/Microsoft.SqlTools.ManagedBatchParser.csproj b/src/Microsoft.SqlTools.ManagedBatchParser/Microsoft.SqlTools.ManagedBatchParser.csproj
index 70992a59..ce687693 100644
--- a/src/Microsoft.SqlTools.ManagedBatchParser/Microsoft.SqlTools.ManagedBatchParser.csproj
+++ b/src/Microsoft.SqlTools.ManagedBatchParser/Microsoft.SqlTools.ManagedBatchParser.csproj
@@ -1,18 +1,37 @@
 <Project Sdk="Microsoft.NET.Sdk">
 	<PropertyGroup>
-		<!-- Targeting both net7.0 and net472 so that other things such as PS cmdlets can use this which need to support a wider range of machines -->
+		<!-- Targeting both net7.0 and net472 so that other things such as PS cmdlets can use this
+		which need to support a wider range of machines -->
 		<TargetFrameworks>net7.0;net472</TargetFrameworks>
 		<LangVersion>9.0</LangVersion>
 		<Nullable>disable</Nullable>
 		<AssemblyName>Microsoft.SqlTools.ManagedBatchParser</AssemblyName>
 		<Guid>82dd9738-2ad3-4eb3-9f80-18b594e03621</Guid>
 		<DelaySign>True</DelaySign>
-		<!-- Explicitly disable since it leads to compilation errors. The .NET 6.0 target is used in tests with internalsVisibleTo attribute.-->
+		<!-- Explicitly disable since it leads to compilation errors. The .NET 6.0 target is used in
+		tests with internalsVisibleTo attribute.-->
 		<SignAssembly Condition="$(TargetFramework) == 'net472'">True</SignAssembly>
 		<AssemblyOriginatorKeyFile>$(RootDir)\SQL2003.snk</AssemblyOriginatorKeyFile>
 		<EnableDefaultEmbeddedResourceItems>false</EnableDefaultEmbeddedResourceItems>
 		<EmbeddedResourceUseDependentUponConvention>false</EmbeddedResourceUseDependentUponConvention>
 		<Product>Microsoft SqlTools Managed batch parser</Product>
+		<!-- Defaults-->
+		<Major Condition="$(ManagedBatchParserMajor) != ''">$(ManagedBatchParserMajor)</Major>
+		<Minor Condition="$(ManagedBatchParserMinor) != ''">$(ManagedBatchParserMinor)</Minor>
+
+		<!-- AssemblyVersion should not change for non-major releases. -->
+		<AssemblyVersion>$(Major).0.0.0</AssemblyVersion>
+
+		<!-- AssemblyFileVersion should change for every build. -->
+		<!-- For preview releases, sample Version = 3.0.20221104.1-preview -->
+		<!-- For stable releases, sample Version = 3.0.0 -->
+		<VersionPrefix>$(Major).$(Minor).$(Build_BuildNumber)</VersionPrefix>
+		<VersionPrefix Condition="$(StableRelease.Equals('true'))">$(Major).$(Minor).0</VersionPrefix>
+		<VersionSuffix Condition="!$(StableRelease.Equals('true'))">preview</VersionSuffix>
+		<AssemblyFileVersion>$(VersionPrefix)-$(VersionSuffix)</AssemblyFileVersion>
+		<Version>$(VersionPrefix)</Version>
+		<FileVersion>$(VersionPrefix)</FileVersion>
+		<InformationalVersion>$(VersionPrefix)</InformationalVersion>
 		<!-- TODO FIX THESE WARNINGS ASAP -->
 		<NoWarn>$(NoWarn);CA1852</NoWarn>
 	</PropertyGroup>
@@ -34,4 +53,4 @@
 		<InternalsVisibleTo Include="MicrosoftKustoServiceLayer" />
 		<InternalsVisibleTo Include="Microsoft.SqlTools.ManagedBatchParser.IntegrationTests" />
 	</ItemGroup>
-</Project>
+</Project>
\ No newline at end of file