Prescott and San Isabel National Forests Land Exchange Act of 2002

Prescott and San Isabel National Forests Land Exchange Act of 2002 - Title I: Yavapai Ranch Land Exchange, Arizona - (Sec. 103) Directs the Secretary of Agriculture to convey to the Yavapai Ranch Limited Partnership and the Northern Yavapai, L.L.C. (together referred to as the "YLRP") certain land ("Federal land") in exchange for certain other land ("non-Federal land"). States that the Federal land shall consist of certain property in the Prescott, Coconino, and Kaibab National Forests, Arizona, and the non-Federal land of certain property within the boundaries of the Prescott National Forest, Arizona.

Grants to the YLRP perpetual, unrestricted, and nonexclusive easements that run with and benefit land transferred to the YLRP. Requires the YLRP to execute, record, and amend two declarations it made with regard to water and the future development of lands in the Prescott National Forest.

Reserves for the YLRP unrestricted easements and water rights for not more than three existing wells and related equipment on the land it is transferring to Federal control, with certain water rights from the wells to be reserved for the United States.

Prescribes that if any part of either territory being transferred is unacceptable to the entity receiving it due to the presence of hazardous materials or any other reason, such section shall be deleted from the exchange and an adjustment shall be made.

Allows the YRLP to pass through or convey to the cities of Flagstaff, Williams, Camp Verde, Cottonwood and to certain summer camps in Arizona parts or all of acquired parcels of Federal land located near such cities and summer camps.

(Sec. 104) Requires the values of the land exchanged to be equal.

(Sec. 105) Revokes any public orders withdrawing any of the Federal land from appropriation or disposal as necessary for the implementation of this Act. Withdraws the Federal land from all forms of entry and appropriation under the public land laws, including the mining and mineral leasing laws and the Geothermal Steam Act of 1970, until the date of the exchange.

Directs the Secretary to pay the costs of implementing the exchange, with specified exceptions.

(Sec. 106) Prescribes that the land acquired by the United States shall become part of the Prescott National Forest and shall be managed to maintain its present character and natural values. Sets forth certain rules for such land pertaining to: (1) grazing; (2) roads; (3) water improvements; and (4) timber harvesting. Provides for reciprocal easements between the United States and the YLRP for ingress, egress, and utilities across, over, and through certain routes in the exchanged lands.

Directs the Secretary to convey, by quitclaim deed, a certain lot in Coconino County, Arizona, to a single individual or entity, either of which represent the majority of landowners with encroachments on the lot. Requires the individual or entity to pay a specified sum to the Secretary in exchange for the conveyance.

Title II: San Isabel National Forest Land Exchange, Colorado - (Sec. 201) Directs the Secretary to convey to E. Michael Senter of Buena Vista, Colorado, all right, title, and interest of the United States in and to a parcel of real property in the San Isabel National Forest, Colorado, in exchange for property of equal value located within the boundaries of such forest. States that all direct costs of the conveyance shall be borne by the Secretary. Incorporates the land acquired by the United States into the San Isabel National Forest.