Answer: The foliage of your peony will die back after the first freeze of the season. When it does, cut it down to ground level. Next spring new foliage will sprout from the crown of the plant. Don't be tempted to cut the foliage back too early. Your plant needs to experience a frost to send it into dormancy. If you cut the foliage back before frost, new sprouts may emerge from the roots, expending stored energy and slowing growth next spring.
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