Northern Arizona National Forest Land Exchange Act of 2003

Northern Arizona National Forest Land Exchange Act of 2003 - (Sec. 4) Directs the Secretary of Agriculture to convey by patent or quitclaim deed certain land in the Prescott, Coconino, and Kaibab National Forests, Arizona, and certain other land in Yavapai County, Arizona, to the Yavapai Ranch Limited Partnership or the Northern Yavapai, L.L.C. (both referred to respectively as the "YLRP"), in exchange for land within the boundaries of the Prescott National Forest, Arizona.

Grants to the YLRP perpetual and nonexclusive easements that run with and benefit land transferred to the YLRP. Provides for the establishment of conservation easements on certain of the land transferred to the YLRP to conserve water in the Verde Valley, Arizona, and to minimize adverse water impacts from future development of the parcels.

Allows YLRP to subsequently convey all or part of specified parcels in Prescott National Forest to one or more successors-in-interest. Requires such a conveyance to include an agreement on the the amount of water for use on such conveyed parcel or part.

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 each existing or replacement well 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 certain other reasons, such section shall be deleted from the exchange and an adjustment shall be made.

Requires the YLRP to convey to the cities of Flagstaff, Williams, and Camp Verde and to certain summer camps in Arizona parts or all of acquired parcels of Federal land located near such cities and summer camps.

(Sec. 5) Requires the values of the land exchanged to be equal.

(Sec. 6) 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. Requires the United States to bear the costs or other responsibilities or requirements associated with land surveys, title searches, archeological and cultural surveys and salvage, removal of encumbrances, and curing title deficiencies necessary to bring the Federal land into a condition where it is acceptable for exchange.

(Sec. 7) 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 YLRP for ingress, egress, and utilities across, over, and through certain routes in the exchanged lands.

(Sec. 8) Directs the Secretary to convey to an individual or entity that represents the majority of landowners with encroachments on a specified lot by quitclaim deed a parcel of land that is located in Gila and Salt River Base and Meridian, Coconino County, Arizona. Requires the acquiring individual or entity to pay specified consideration.

(Sec. 9) Requires compensation, under provisions of the Federal Land Policy and Management Act of 1976, to persons holding grazing permits for land transferred into private ownership under this Act.

(Sec. 10) Directs the Secretary to convey to an individual or entity that represents the majority of landowners with a lease on the lot by quitclaim deed a parcel of land that is approximately 4.87 acres and is located in Gila and Salt River Base and Meridian. Requires the acquiring individual or entity to pay specified consideration.