Northern Arizona National Forest Land Exchange Act of 2003

Northern Arizona National Forest Land Exchange Act of 2003 - Directs the Secretary of Agriculture to convey certain land in the Prescott, Coconino, and Kaibab National Forests, 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, unrestricted, 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.

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.

Requires the values of the land exchanged to be equal.

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.

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.

Directs the Secretary to convey certain land in Coconino County, Arizona, to the individual or entity that represents the majority of landowners with encroachments on the lot in exchange for the payment of a designated sum plus certain other costs.