Better yet what tree peony is it? There are dwarf tree peonies that only grow a fraction of an inch a year. I have one from Rick Rogers that the English translation of the name is "Shy Girl". After I planted at the depth Rick marked as the correct planting depth only three inches of stem was above the soil. It is now about 8 inches tall but that is after 5 years. I do need to move her to a more raised area but some just are short plants.
Alice Harding is one that is on the market under several names and it is maybe 18 inches tall but each year has several large flowers. However she did not bloom until the fifth year.