107.51(b) requires staying under 400 ft AGL, or no more than 400 ft above a structure if within 400 ft laterally of that structure. So from that perspective, one could fly 400 ft over that tower, which, itself, is 492 ft AGL, giving a total of 892 ft AGL.
The complication is that the tower is under 700 ft floor Class E airspace, and so at 892 ft AGL one would be flying in Class E airspace which, one might think, would require authorization or waiver.
However, 107.41 states:
No person may operate a small unmanned aircraft in Class B, Class C, or Class D airspace or within the lateral boundaries of the surface area of Class E airspace designated for an airport unless that person has prior authorization from Air Traffic Control (ATC).
Note that this only refers to surface Class E airspace, not 700 ft Class E airspace and so, at best, is ambiguous in this situation.