diff --git a/docs/building-apps/build-properties.md b/docs/building-apps/build-properties.md
index e6e264ecad6..22f1b29f4fb 100644
--- a/docs/building-apps/build-properties.md
+++ b/docs/building-apps/build-properties.md
@@ -676,7 +676,9 @@ assemblies so they stay byte-for-byte unchanged (a requirement for Hot
 Reload). This will disable a few minor optimizations, but will otherwies not
 affect anything.
 
-The default value is `true` for debug builds and `false` otherwise.
+The default value is `true` for non-NativeAOT debug builds that don't use the
+managed static registrar, and `false` otherwise (the managed static registrar
+modifies user assemblies, which is incompatible with Hot Reload).
 
 ## IBToolPath
 
diff --git a/dotnet/targets/Xamarin.Shared.Sdk.targets b/dotnet/targets/Xamarin.Shared.Sdk.targets
index 78fce49117f..9a6452cf8ff 100644
--- a/dotnet/targets/Xamarin.Shared.Sdk.targets
+++ b/dotnet/targets/Xamarin.Shared.Sdk.targets
@@ -123,14 +123,6 @@
 		<!-- As a last resort, the default is false for all platforms -->
 		<_BundlerDebug Condition="'$(_BundlerDebug)' == ''">false</_BundlerDebug>
 
-		<!--
-			Hot Reload requires that we don't modify user (reloadable) assemblies. It's a debug-only
-			feature, so default $(HotReloadCompatibleBuild) to the debug state: this keeps the current
-			behaviour (and app size) for release builds, where the extra unconditional preservation of
-			smart-enum conversion methods would otherwise cost a bit of app size.
-		-->
-		<HotReloadCompatibleBuild Condition="'$(HotReloadCompatibleBuild)' == ''">$(_BundlerDebug)</HotReloadCompatibleBuild>
-
 		<!-- On the other hand, we want the linker to link away debug support in the actual code unless we're building for Debug -->
 		<DebuggerSupport Condition="'$(DebuggerSupport)' == ''">$(_BundlerDebug)</DebuggerSupport>
 
@@ -651,7 +643,21 @@
 
 	<Target Name="_ComputeLinkerArguments" DependsOnTargets="$(_ComputeLinkerArgumentsDependsOn)" />
 
-	<Target Name="_ComputeLinkerInputs">
+	<Target Name="_ComputeHotReloadCompatibleBuild" DependsOnTargets="SelectRegistrar">
+		<PropertyGroup>
+			<!--
+				Hot Reload requires that we don't modify user (reloadable) assemblies. It's a debug-only
+				feature, so default $(HotReloadCompatibleBuild) to the debug state: this keeps the current
+				behaviour (and app size) for release builds, where the extra unconditional preservation of
+				smart-enum conversion methods would otherwise cost a bit of app size.
+			-->
+			<HotReloadCompatibleBuild Condition="'$(HotReloadCompatibleBuild)' == '' And '$(Registrar)' == 'managed-static'">false</HotReloadCompatibleBuild>
+			<HotReloadCompatibleBuild Condition="'$(HotReloadCompatibleBuild)' == '' And '$(_UseNativeAot)' != 'true'">$(_BundlerDebug)</HotReloadCompatibleBuild>
+			<HotReloadCompatibleBuild Condition="'$(HotReloadCompatibleBuild)' == ''">false</HotReloadCompatibleBuild>
+		</PropertyGroup>
+	</Target>
+
+	<Target Name="_ComputeLinkerInputs" DependsOnTargets="_ComputeHotReloadCompatibleBuild">
 		<!-- Validate the linker mode -->
 		<Error Text="Invalid link mode: '$(_LinkMode)'. Valid link modes are: 'None', 'SdkOnly' and 'Full'" Condition="'$(_LinkMode)' != 'None' And '$(_LinkMode)' != 'SdkOnly' And '$(_LinkMode)' != 'Full' And '$(_LinkMode)' != 'TrimMode'" />
 
@@ -665,6 +671,14 @@
 		<PropertyGroup>
 			<_UseDynamicDependenciesInsteadOfMarking Condition="'$(_UseDynamicDependenciesInsteadOfMarking)' == ''">true</_UseDynamicDependenciesInsteadOfMarking>
 			<_UseDynamicDependenciesForProtocolPreservation Condition="'$(_UseDynamicDependenciesForProtocolPreservation)' == ''">$(_UseDynamicDependenciesInsteadOfMarking)</_UseDynamicDependenciesForProtocolPreservation>
+			<!--
+				PreserveSmartEnumConversionsStep injects [DynamicDependency] attributes into the assembly that
+				references the smart enum, and that assembly may be reloadable (i.e. not trimmed), which would
+				break Hot Reload. So use the mark handler instead (it doesn't modify any assemblies) when we're
+				doing a Hot Reload compatible build (this doesn't apply when the assembly-preparer is used,
+				because it emits a root descriptor xml file instead - see PreserveSmartEnumConversionsStep).
+			-->
+			<_UseDynamicDependenciesForSmartEnumPreservation Condition="'$(_UseDynamicDependenciesForSmartEnumPreservation)' == '' And '$(HotReloadCompatibleBuild)' == 'true' And '$(PrepareAssemblies)' != 'true'">false</_UseDynamicDependenciesForSmartEnumPreservation>
 			<_UseDynamicDependenciesForSmartEnumPreservation Condition="'$(_UseDynamicDependenciesForSmartEnumPreservation)' == ''">$(_UseDynamicDependenciesInsteadOfMarking)</_UseDynamicDependenciesForSmartEnumPreservation>
 			<_UseDynamicDependenciesForBlockCodePreservation Condition="'$(_UseDynamicDependenciesForBlockCodePreservation)' == ''">$(_UseDynamicDependenciesInsteadOfMarking)</_UseDynamicDependenciesForBlockCodePreservation>
 			<_UseDynamicDependenciesForGeneratedCodeOptimizations Condition="'$(_UseDynamicDependenciesForGeneratedCodeOptimizations)' == ''">$(_UseDynamicDependenciesInsteadOfMarking)</_UseDynamicDependenciesForGeneratedCodeOptimizations>
diff --git a/tests/common/shared-dotnet.csproj b/tests/common/shared-dotnet.csproj
index b6da56214c9..ca1e6ada0a9 100644
--- a/tests/common/shared-dotnet.csproj
+++ b/tests/common/shared-dotnet.csproj
@@ -132,12 +132,25 @@
 		happen in a target (and not in a plain PropertyGroup), because $(HotReloadCompatibleBuild)
 		is computed in the platform SDK targets, which are imported after this file.
 	-->
-	<Target Name="_AddHotReloadCompatibleBuildDefine" BeforeTargets="CoreCompile" Condition="'$(HotReloadCompatibleBuild)' == 'true'">
-		<PropertyGroup>
+	<Target Name="_AddHotReloadCompatibleBuildDefine" BeforeTargets="CoreCompile" DependsOnTargets="_ComputeHotReloadCompatibleBuild">
+		<PropertyGroup Condition="'$(HotReloadCompatibleBuild)' == 'true'">
 			<DefineConstants>$(DefineConstants);HOTRELOAD_COMPATIBLE_BUILD</DefineConstants>
 		</PropertyGroup>
 	</Target>
 
+	<!--
+		Whether the build is hot-reload-compatible is an app-level decision (it depends on the
+		registrar, which is only selected for projects that produce an app bundle), but it affects
+		the library projects the app references as well (their assemblies are the ones that must be
+		left unmodified). So pass the app's value on to every referenced project, to make sure they
+		all agree (in particular when defining HOTRELOAD_COMPATIBLE_BUILD above).
+	-->
+	<Target Name="_PassHotReloadCompatibleBuildToProjectReferences" BeforeTargets="AssignProjectConfiguration" DependsOnTargets="_ComputeHotReloadCompatibleBuild" Condition="'$(_CanOutputAppBundle)' == 'true'">
+		<ItemGroup>
+			<ProjectReference Update="@(ProjectReference)" AdditionalProperties="%(ProjectReference.AdditionalProperties);HotReloadCompatibleBuild=$(HotReloadCompatibleBuild)" />
+		</ItemGroup>
+	</Target>
+
 	<Import Project="$(MSBuildThisFileDirectory)/../ComputeRegistrarConstant.targets" />
 	<Import Project="$(MSBuildThisFileDirectory)/../nunit.framework.targets" Condition="'$(ExcludeNUnitLiteReference)' != 'true'" />
 
diff --git a/tools/dotnet-linker/AppBundleRewriter.cs b/tools/dotnet-linker/AppBundleRewriter.cs
index a6d545837ac..c2ccd6fe06e 100644
--- a/tools/dotnet-linker/AppBundleRewriter.cs
+++ b/tools/dotnet-linker/AppBundleRewriter.cs
@@ -1501,9 +1501,13 @@ void SaveAssembly (AssemblyDefinition assembly)
 		{
 			if (assembly != CurrentAssembly && assembly != PlatformAssembly)
 				throw new InvalidOperationException ($"Can't save assembly {assembly.Name} because it's not the current assembly ({CurrentAssembly.Name}) or the platform assembly ({PlatformAssembly.Name}).");
-			AssemblySaved?.Invoke (assembly);
 			var annotations = configuration.Context.Annotations;
 			var action = annotations.GetAction (assembly);
+			if (configuration.HotReloadCompatibleBuild && action == AssemblyAction.Copy && assembly != PlatformAssembly) {
+				configuration.Logger.LogError (ErrorHelper.CreateError (99, $"The assembly '{assembly.Name.Name}' is reloadable, but was modified during a Hot Reload compatible build."));
+				return;
+			}
+			AssemblySaved?.Invoke (assembly);
 			if (action == AssemblyAction.Copy) {
 #if !ASSEMBLY_PREPARER
 				// Preserve TypeForwardedTo which would the linker sweep otherwise