The Valles Caldera National Preserve is a protected area in the Jemez Mountains of New Mexico. It is a unique unit of the National Park System because of its nature and set up.

Established in the early 2000s as a government property, the Valles Caldera National Preserve takes care of a huge volcanic structure. It is actually a wide volcanic caldera that is of great scenic, scientific, and even some historic value. In the past, it has served as home to Puebloans and some Spanish settlers, it also became the Baca Location No.1 for the longest time, being owned by the said family.

Due to concerns about its deterioration, James P. Dunigan made an effort to start conserving the area. He initiated a negotiation that the property be owned by the government, which pushed through after decades of struggle. It is now a NPS unit and also a money-making cattle ranch.